Business
Extension of Distribution Agreement with Pentax
Extension of Distribution Agreement with Pentax.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n \nRNS Number : 9337A Creo Medical Group PLC 17 September 2018 \n\nCreo Medical Group plc\n \nExtension of Distribution Agreement with Hoya Pentax Medical for the Asia-Pacific (APAC) region\n \nCreo Medical Education Programme to be initiated in APAC alongside Market Seeding beginning in Australia.\n \n \nChepstow, Wales - 17 September 2018 - Creo Medical Group plc (AIM: CREO) (\"Creo\" or the \"Company\"), a medical device company focused on the emerging field of surgical endoscopy, today announces that it has entered into an addendum to its distribution agreement with Hoya Group, Pentax Medical (\"Pentax\").\n \nUnder the terms of the original distribution agreement, Creo granted Pentax the right to distribute Creo's Speedboat product and CROMA platform in the Asia Pacific region for 5 years subject to agreement of final terms by territory. The addendum further entrenches Creo's relationship with Pentax with firm commitment to roll out to various territories in conjunction with establishing Creo's Clinical Education Program and thereafter seeding the chosen markets.\n \nAustralia will be the first Asia Pacific territory in which Pentax will establish Creo's Clinical Education Program and subsequently seed the market. Pentax will purchase a minimum quantity of CROMA advance energy platforms and Speedboat instruments with the first products expected to be shipped within 3 months. Furthermore, Creo has agreed to extend the term of Pentax's distribution rights in each territory in which Pentax establishes Creo's Clinical Education Programme for a period of 5 years from the date on which Creo's products are registered in such territory.\n \nCreo has commenced the regulatory registration process for its products in Australia and in conjunction with Pentax Creo has begun introducing doctors from Australia and other territories to the clinical education program here in Europe which will be rolled out into APAC in the coming months.\n \nCROMA's electrosurgical platform combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation. Speedboat is the first product approved in a suite of tools under development to aid the endoscopist in minimally invasive surgery. The Speedboat device helps reduce the risks associated with alternative...