REG - Creo Medical Group - Directorate Changes

Creo MedicalAnnouncement

13/05/2024 07:00

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RNS Number : 0676O  Creo Medical Group PLC  13 May 2024

Creo Medical Group plc

("Creo" the "Company" or the "Group")

 

Directorate Changes

Chair succession and addition of US-based industry expertise

 

Creo Medical Group plc (AIM: CREO), the medical device company focused on the
emerging field of minimally invasive surgical endoscopy for pre-cancer and
cancer patients, announces the following changes to the Board of Directors.

 

Further to the AGM Statement & Succession Planning announcement
(https://www.londonstockexchange.com/news-article/CREO/agm-statement-directorate-succession-planning/16015218)
in June 2023, which set out the Company's plan to evolve its Board of
Directors as it enters a new phase of commercial growth, Creo announces the
appointment of Kevin Crofton and Brent Boucher as independent Non-Executive
Directors. Both Kevin and Brent are expected to join the Board with effect
from 1 July 2024, with Kevin succeeding Charles Spicer as Chair.

 

Charles has led the Board since the Company's IPO in December 2016 and has
overseen an outstanding period of change and transformation. During this time,
the Group has evolved from a UK pre-market, pre-revenue early-stage medical
device innovator, into an international commercial group with a range of
proprietary innovative surgical solutions delivering outstanding clinical
outcomes and health economic benefits and a pipeline of post-market clinical
programmes with globally recognised partners.

 

Kevin Crofton is an accomplished business leader with over three decades of
extensive international experience in the technology industry. He has a
successful track record of driving innovation and generating profitable
growth. Most recently, Kevin was the CEO of Comet Holdings AG, a Swiss listed
technology company, where he delivered significant shareholder value by
driving greater customer engagement. Prior to this, he was CEO of SPTS
Technologies where he led the PE backed management buyout and exit of the
company to Orbotech, Inc., joining the team who subsequently sold the group to
KLA-Tencor Corporation for $3.4bn. Kevin has also acted as Chairman of SEMI
International and the UK Compound Semiconductor Applications Catapult.

 

Brent Boucher brings extensive experience in the commercialisation of novel
medical devices and has a record of success in growing and transforming
businesses across a range of medical device specialities, including
technologies, oncology interventions, surgical solutions and respiratory care.
Brent is recognised as a business leader of multiple innovative growth
businesses focused on commercial optimisation, new product, technology and
procedural introductions, global market entry and strategic M&A.
Throughout his career in the USA, Brent has held a number of executive
positions in large multinational Medtech companies, including Covidien
(acquired by Medtronic), AngioDynamics and Nuvasive, working to successfully
deliver revenue growth and shareholder value.

 

 Kevin Crofton (Left)  Brent Boucher (Right)

 

Craig Gulliford, Chief Executive Officer of Creo, said: "On behalf of the
Board, I would like to thank Charles for his enormous contribution to Creo
over the past eight years as Chair. He has led the Board as we transitioned
from a privately held MedTech startup, with big ambition, through IPO and
subsequent funding rounds, into what is now an internationally commercialised
public company with significant global partners. His guidance during this
period of growth and evolution from both a personal and business perspective
has been invaluable. Charles leaves Creo extremely well positioned for
commercial expansion as we move into a significant period of growth. We thank
him again for everything he has helped us to achieve.

 

"We are delighted to appoint Non-Executive Directors of the calibre of Kevin
and Brent. They are stalwart international executives, bringing with them deep
industry knowledge as well as proven strategic capabilities and senior
commercial execution experience. It has been a pleasure to get to know both
Kevin and Brent over the last few months as we have worked through the
selection process and begun to immerse them into the team and the business. I
look forward to working with them on the next stage of Creo's journey."

 

Charles Spicer, Chair of Creo, said: "It has been a privilege to serve as
Creo's Chair and work alongside my fellow directors and our dedicated staff
since our IPO in 2016. I applaud and thank all the Creo team for their success
in commercialising minimally invasive electrosurgical devices in both
endoscopy and with surgical robotics partners internationally through Creo's
Kamaptive licensing programme. Thanks also are due to all our fellow
shareholders for their patient support through challenging markets and to our
dedicated advisers for their wise counsel along the way. I welcome Kevin and
Brent, with their invaluable skillsets and experience, to the Board and wish
them and Creo the best of luck as they accelerate our clinical and commercial
progress around the world."

 

Disclosures pursuant to Schedule Two Paragraph (g) of the AIM Rules for
Companies are provided further below.

 

Enquiries:

 Creo Medical Group plc                             www.creomedical.com (http://www.creomedical.com)
 Richard Rees (CFO)                                 +44 (0)1291 606 005

 Cavendish Capital Markets Limited                  +44 (0)20 7397 8900
 Stephen Keys / Camilla Hume (NOMAD)
 Michael Johnson (Sales)

 Deutsche Numis (Joint Broker)                      +44 (0)20 7260 1000

 Freddie Barnfield / Duncan Monteith / Euan Brown

 Walbrook PR                                        Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
 Paul McManus / Sam Allen                           Mob: +44 (0)7980 541 893 / +44 (0)7502 558 258

 Phillip Marriage                                   +44 (0)7867 984 082

 

About Creo Medical

Creo Medical is a medical device company focused on the development and
commercialisation of minimally invasive electrosurgical devices, bringing
advanced energy to endoscopy.

 

The Company's vision is to improve patient outcomes through the development
and commercialisation of a suite of electrosurgical medical devices, each
enabled by CROMA, powered by Kamaptive. The Group has developed the CROMA
powered by Kamaptive full-spectrum adaptive technology to optimise surgical
capability and patient outcomes. Kamaptive is a seamless, intuitive
integration of multi-modal energy sources, optimised to dynamically adapt to
patient tissue during procedures such as resection, dissection, coagulation
and ablation of tissue. Kamaptive technology provides clinicians with
increased flexibility, precision and controlled surgical solutions. CROMA
currently delivers bipolar radiofrequency ("RF") energy for precise localised
cutting and focused high frequency microwave ("MW") energy for controlled
coagulation and ablation via a single accessory port. This technology,
combined with the Group's range of patented electrosurgical devices, is
designed to provide clinicians with flexible, accurate and controlled clinical
solutions. The Directors believe the Company's technology can impact the
landscape of surgery and endoscopy by providing a safer, less-invasive and
more cost-efficient option for procedures.

For more information, please refer to the website www.creomedical.com
(http://www.creomedical.com)

 

Regulatory Disclosures

 

The following details are disclosed pursuant to Schedule Two Paragraph (g) of
the AIM Rules for Companies:

 

Kevin Timothy Crofton, age 63, holds or has held the following directorships
in the past five years:

 

 Current Directorships
 The Boathouse Bristol Limited

 Virginia Tech Foundation, Inc.*

 *Advisory role

 Directorships held within the last five years
 Comet Holding AG
 Comet AG
 Comet Electronics (Shanghai) Co. Ltd
 Comet Mechanical Equipment (Shanghai) Co. Ltd.
 Comet Technologies USA, Inc.
 Comet Technologies Korea Co. Ltd.
 Comet Yxlon GmbH
 Comet Technologies Denmark A/S
 Comet Technologies Japan KK
 Yxlon (Beijing) X-Ray Equipment Trading Co. Ltd.
 Comet Technologies Malaysia Sdn. Bhd.
 Object Research Systems (ORS) Inc.
 Comet Solutions Taiwan Ltd.
 Compound Semiconductor Applications Catapult Limited
 CSA Catapult Services Limited
 Vishay UK Holding Company Limited
 SPTS Technologies Group Limited
 SPTS Technologies Holdings Limited
 SPTS Technologies Investments Limited
 SPTS Technologies Sapphire Limited
 SPTS Technologies Limited
 SPTS Technologies UK Limited
 SPTS Technologies Overseas Holdings Limited
 SPTS Technologies ET Limited
 SPTS Technologies, Inc.
 SPTS Technologies PTE, Ltd.
 SPTS Technologies GmbH
 SPTS Technologies SAS
 SPTS Technologies Ltd (Taiwan)
 SPTS Technologies Shanghai, Inc.
 Primaxx, Inc.
 Xactix, Inc.
 SPP Technologies Japan Co., Ltd.
 Orbotech Holding U.K. Limited

 

Kevin Crofton holds 650,000 ordinary shares in the Company.

 

In relation to the appointment of Brent Jay Boucher, age 56, there are no
further details to be disclosed pursuant to Schedule Two Paragraph (g) of the
AIM Rules for Companies.

 

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