StockMarketWire.com - Creo Medical Group losses more than doubled in the 18 months through December last year amid soaring costs as the company ramped up clinical and development activities and hiring in a bid to develop and commercialise its technology.

The underlying operating loss for year was £12.6m, up from £5.6m in the 12 months through June. That was in line with management expectations.

Administrative expenses comprising R&D, operational support, sales and marketing, and finance and administration costs totalled £17.9m, up from £9.2m in the 12 months to June 2017.

'We continue to deliver against our strategic objectives:; developing a widening suite of innovative medical devices, expanding the list of physicians participating in the Creo Clinical Education Programme as part of our training led commercialisation plan, and evolving our distribution network and manufacturing capacity in anticipation of commercial launch,' said Craig Gulliford, Chief Executive Officer.

'We have established a solid platform for future growth and we look forward with confidence to another year exciting year in 2019.'


At 9:27am: [LON:CREO] Creo Medical Group Plc share price was -6p at 192p



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