Preliminary Financial Results for the financial year ending 30 June 2017

Maiden results – a year of key milestones successfully achieved

Creo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of surgical endoscopy, is pleased to announce its preliminary results for the year ended 30 June 2017.

FY 17 Operational Highlights

Successful listing on AIM in December 2016
Raised approximately £20 million (before expenses)
First in human study data successfully completed
Demonstrated safety and efficacy of the application of microwave energy to coagulate bleeds in the colon in 30 patients
Represents first device to use microwave energy in combination with radiofrequency
CROMA Platform and Speedboat RS2 device received CE Mark approval for microwave energy, adding to the devices previously awarded CE Mark for radiofrequency
First patient treated with Speedboat RS2 device using the CROMA platform
Non Clinical study pathway agreed with FDA for ablation products at FDA pre-submission meeting
Participation in the Semiconductor-based Ultrawideband Micromanipulation of Cancer Stem Cells (“SUMCASTEC”), a Horizon 2020 project

FY 17 Financial Highlights

Cash and cash equivalents of £13.7m at 30 June 2017 (as at 30 June 2016: £0.8m)
Operating loss after one-off IPO related expenses of £8.9m (4 months to 30 June 2016: £1.9m) reflecting increased operating expenses incurred in relation to clinical and developmental activities as well as further investment in headcount and business infrastructure
Cash burn and operating loss in line with management expectations
Net assets of £14.7m (as at 30 June 2016: £1.6m)
Loss per share of 13 pence (4 months to 30 June 2016: 5 pence)

Post-Period Highlights

510(k) Clearance received ahead of expectations from the US Food and Drug Administration for Creo’s Speedboat RS2 device and CROMA platform
Moved into a new facility in Chepstow, providing the engineering development capability and manufacturing capacity to expand and build the business

Craig Gulliford, Chief Executive Officer, commented:

I am delighted to announce our first full year results since listing. The £20 million raised on IPO has enabled us to develop our technology and provide the Company with the resources for future development and commercialisation. Over the last year, we have made significant clinical and regulatory progress advancing us along the pathway to become a leading advanced energy, minimally invasive, medical device company. We continue to execute against our strategy and are on track with our soft launch of Speedboat RS2, the first product in our CROMA platform.