A HI-TECH medical device company is expanding and creating 85 jobs over three years after a £708,000 investment from the Welsh Government, Economy Minister Vaughan Gething has announced.
Chepstow’s Creo Medical specialises in the emerging field of surgical endoscopy, which aids minimally invasive surgery by applying microwave and radio wave energy.
The Beaufort Park Way-based company is set to build a new research and development (R&D) manufacturing centre on its current site. And it will use the Welsh Government’s Economy Futures Fund investment to invest in expanding its premises and in state-of-the-art manufacturing equipment.
Innovating new medical technologies is a key part of the Welsh Government’s new Innovation Strategy, launched last February.
The business raised more than £36m to support its global growth plans in 2021.
It bought the freehold of its Creo House HQ in Beaufort Park Way in a £4.25m deal and opened its US East Coast HQ in Connecticut, and said the raising of £31.25m through a conditional share placing, boosted by a subsequent oversubscribed £5m ‘open offer’, would speed up the rollout of its products in the US, Europe, the Middle East, Africa, Australasia and the Pacific region.
Announcing the Welsh Government package on a visit to the business last week, Economy Minister Vaughan Gething said: “We are committed to supporting businesses like Creo Medical to innovate with cutting edge technology, which will support improved healthcare while also boosting our economy.
“Creo Medical is a well-established company and an important employer in the south-east of Wales. I am delighted our support will help them to grow even further and create so many new high-skilled jobs.
“Our aim is to build a fairer, greener, and more prosperous Wales. Our support for Creo Medical is a further demonstration of that. It will provide a vital boost to the local economy.
Craig Gulliford, CEO of Creo Medical said: “This is an exciting time for Creo Medical as we ramp up the manufacturing and commercialisation of multiple products, facilitating the treatment of more and more patients across the world through our pioneering technology.
“This Welsh Government funding will support that continued growth and ensure that we are able to build a team at our expanded HQ and manufacturing base in Chepstow that will further cement Creo Medical and Wales’ place as global medtech leaders.”