Creo Medical Announces £3 Million of Investment to Complete Development of Croma Technology – the Unique Microwave and Bipolar Radiofrequency Energy System
Published: Apr 26, 2012
“We are delighted to receive increasing support from our Angel Syndicate and welcome Finance Wales on board as our first Institutional Investor. This provides the funding necessary to complete the development of CRoMa technology - our unique microwave and bipolar radiofrequency energy system,” said Professor Christopher Hancock, CTO and founder of Creo Medical. “The first application for this technology will be in the endoscopic removal of abnormalities from the lower GI tract – so it seems appropriate that I can announce this in April – which is Bowel Cancer Awareness month in the UK”.
Craig Gulliford, CEO of Creo Medical said, “This funding will allow us to expand the team significantly as we embark upon patient clinical trials, CE marking and production capability. With this support from Finance Wales we look forward to building the business from new headquarters in Chepstow, South Wales.”
“This now represents a co-investment of £3million with a buoyant Angel Syndicate that has expanded once again,” commented Mark Farmer of the Angel Syndicate. “The founding Angels have continued their support for this exciting investment - together with Finance Wales and the tremendous success the Creo Medical team has had in securing grant awards, the project is funded to completion.”
Dr Richard Thompson of Finance Wales, Creo’s first institutional investor said: “Creo’s CRoMa technology not only promises to make treating bowel cancer faster, safer and simpler but also to improve treatment success rates. Finance Wales is pleased to be Creo’s first institutional investor and back the company as it develops and commercialises its technology. The market for medical devices continues to grow strongly and we’re pleased to welcome Creo to our growing portfolio of life science investments.”
About Creo Medical
Creo Medical Ltd. Is an innovative Medical Device business which focuses on the development of microwave and radio frequency technology for use in precise tissue resection, ablation and coagulation. The CRoMa System utilises a unique combination Microwave and Bipolar Radio Frequency energy to enable range of very precise tissue effects to be created with a variety of instruments under development. These can be used in combination with a flexible endoscope for the precise resection of tumours and tissue abnormalities of the Gastro Intestinal Tract.
About Finance Wales
Finance Wales makes commercial investments in small and medium-sized businesses throughout Wales, enabling them to realise their potential for innovation and growth. Finance Wales manages funds of more than £335 million. Read Finance Wales' investment performance.
In April, 2009 Finance Wales launched a new £150 million fund which uses funding from the European Investment Bank and EU under the JEREMIE (Joint European Resources for Micro to Medium Enterprises) initiative. The fund was the first of its kind in Europe.
The Finance Wales Group
The Finance Wales Group is one of the UK’s largest regional SME investment companies and provides growth capital for small and medium-sized businesses (SMEs) in the UK. The Group has funds of £335 million under management and comprises the fund managers Finance Wales and FW Capital, which invest in SMEs as well as xénos, a business angel network. The Finance Wales Group can make debt and equity investments of up to £2 million at all stages (early stage, development capital, as well as succession and acquisition) and also structures follow-on investments for its portfolio. The Group also syndicates/co-invests.
Contact for correspondence:
Craig Gulliford, CEO Creo Medical Limited
Phone: +44 (0) 176 1239289