A Cambridge-based leading medical firm is relocating its operations to Wales after it received £1.5m in funding.
The Development Bank of Wales is co-investing with corporate investor Creo Medical Group plc alongside other funders as part of a £1.5m equity round into IQ Endoscopes Ltd.
The investment will support the rapid product development of the IQ platform - a range of single use flexible endoscopes that provides images of the full length of the gut, helping in diagnostics and therapeutic procedures.
The Chepstow-based Creo Medical is an emerging medtech leader and has been supported by the Development Bank of Wales as an investor over multiple rounds through to their successful IPO on AIM in 2016.
Creo Medical is now working alongside the Development Bank as a corporate investor. The Development Bank is an active equity co-investor, with funds available for high-growth potential technology businesses from seed and spin-out through to IPO and beyond.
Creo Medical CEO Craig Gulliford will join the board of IQ Endoscopes as a non-executive director.
Mr Gulliford said: “IQ Endoscopes disruptive technology eliminates the risk of cross contamination which is at the forefront of clinicians’ minds at the moment with the prevalence of Covid-19.
“Practitioners can’t risk contamination between endoscopy procedures. Creating a disposable endoscope, which is expected to be positioned at a lower cost point than current technology, is an extremely thrilling prospect and the reason why Creo Medical is keen to support the product development to get IQ Scope and platform to market as quickly as possible.”
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Vreo Medical developed CROMA, an electrosurgical advanced energy platform powered by its unique full spectrum kamaptive technology, which combines bipolar radiofrequency for precise localised cutting and microwave for controlled coagulation. Creo Medical has also developed a suite of medical devices designed, initially, for the emerging field of GI therapeutic endoscopy.
The IQ Scope is IQ Endoscope’s leading product. The IQ platform will initially consist of a complementary disposable gastroscope and colonoscope, which can be used safely with Creo Medical’s suite of consumable GI devices. IQ Endoscopes believes that single use endoscopy can eliminate the risk of disease transference and is easy to deploy outside of hospital settings making it ideal for developing countries where endoscopy procedures are rare.
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Matt Ginn, CEO of IQ Endoscopes said: “We are delighted to have secured this initial investment from the Development Bank of Wales, Creo Medical and a group of angel investors. It provides us with the perfect opportunity to rapidly develop our product technology and bring to market a range of single use, flexible endoscopes.
“Our platform will not only eliminate all threat of cross contamination between endoscopy procedures, but also increase throughput of patients. Having worked in the medical device industry for over 15 years, IQ Endoscopes has a vision for technology that will have global impact.”
Dr Richard Thompson, senior investment executive at the Development Bank of Wales, added: “IQ Endoscopes has an impressive team and platform technology that addresses a vast global market. This is a real opportunity to develop a new, complementary medical technology that can widen access to endoscopy. Creo Medical has significant expertise in this area, which is why we are delighted to further deepen our working relationship with them and this impressive syndicate of angel investors as a part of this funding round.”