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Life sciences firm Creo to create 85 new jobs after receiving Welsh Government funding

By Nagasunder in UK Business News, posted April 4, 2023

One of Wales' top medical device companies is expected to add 85 positions in the next three years, thanks to six-figure investment from the Welsh Government

With the help of £708,000 from the Cardiff Bay administration's Economy Future Fund, Creo Medical will be able to expand its facilities and buy cutting-edge manufacturing machinery, which will in turn lead to the creation of high-paying jobs.

The Chepstow-based, Alternative Investment Market-listed company specialises in surgical endoscopy, which uses microwave and radio wave energy to carry out minimally invasive procedures.

On its current location at Beaufort Park Way, there are currently proposals to construct a new research and development (R&D) manufacturing facility.

The company earned over £33 million, following two share offerings last month, which will be used to continue its international growth.

Creo was valued at £100 million in January by Proactive Research expert John Savin, who also noted that Creo might be worth as much as £200–£250 million.

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.”

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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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