Creo Medical raises cash for development
Chepstow-based Creo Medical has raised £3.5m to continue the development of new medical devices.
The funding round was led by Finance Wales, angel investors and the Angel CoFund.
The UK government-backed Angel CoFund joins existing investors Finance Wales, the Arete Angel syndicate and individual business angels, including lead angel Mark Farmer, bringing the total Creo investment received to date to £7.9m.
Creo has been developing medical devices in 2009 and intends to use the money for the CROMA platform – which it said was the first new electrosurgical system in a generation – specifically with regards to achieving regulatory approval for the European market and establishing a regulatory pathway into the US market.
Further product developments will focus on providing clinical solutions to complex gastrointestinal problems.
Chief executive Craig Gulliford said: "Since launch, Creo Medical has benefitted significantly from the support both financially and on a business development level, from highly experienced angel investors in the medical and life sciences sectors.
"This funding announcement marks an important step change for the team, as we focus energies on Europe and the US. We look forward to working with new investors the Angel CoFund as we concentrate on the next level of growth."
Richard Thompson from Finance Wales' Technology Venture Investments team led on the investment. He said: "The CROMA platform is now attracting exciting commercial and medical interest and we’re pleased to follow our investments in Creo Medical.
"Creo has an impressive group of angel investors and we look forward to working with them and the Angel CoFund to support the company’s international expansion plans."