Creo Medical Group plc entered into an agreement to sell a 51% stake in its European consumable business to Chinese medical device distributor, Micro-Tech Co. Ltd. for approximately €36.7 million (US$41 million) in cash on a cash free, debt free basis.

Creo Medical Group plc says it is poised to address the mismatch between the advances in screening technology, which are making it possible to detect early-stage lung cancer, and the current invasive and inappropriate methods of treating it, following the first-in-human use of its Microblate Flex microwave ablation device.

Creo Medical Group plc is on its way to being cash flow breakeven and profitable following a successful fundraise, which will accelerate the rollout of its suite of electrosurgical products, CEO Craig Gulliford told BioWorld.