One of Wales’ leading medical devices firms is set to create 85 jobs in the next three years following a six-figure investment from the Welsh Government. Creo Medical has received £708,000 in grant funding from the Cardiff Bay administration’s Economy Future Fund to expand its premises and purchase state of the art manufacturing equipment which in turn will create high-paid jobs.
The Chepstow-based Alternative Investment Market listed firm, which specialises in surgical endoscopy to aid minimally invasive surgery by applying microwave and radio wave energy, plans to build a new research and development (R&D) manufacturing centre on its current site at Beaufort Park Way.
Last month, the firm raised over £33m following two share offerings which will fund its continued global expansion. In January, Proactive research analyst John Savin put a £100m valuation on Creo in a research note on the group but added that Creo could be worth up to between £200-£250m.
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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.”
Creo Medical chief executive Craig Gulliford 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 headquarters and manufacturing base in Chepstow that will further cement Creo Medical and Wales’ place as global medtech leaders.”
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