THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT
IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS
STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS
AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC
DOMAIN.
Igraine
plc
AQSE:
KING
(“Igraine” or “the
Company”)
Investee Update:
Fixit Medical Ltd
Igraine plc (AQSE: KING), an investing company
focused on the development of battery energy storage and life
sciences sectors, is pleased to update its shareholders on the
progress of its investee company, Fixit Medical Ltd ("Fixit
Medical"), in which the Company holds a 20% equity
stake.
Advancement in Cingo’s® Regulatory Progress in the
US and Europe
Product Portfolio Expansion, Three New
Devices
Further Grant Award and Programme
Selection
Recognition of
Excellence
About Fixit
Fixit Medical is dedicated to advancing healthcare
by developing innovative medical devices that prioritise patient
safety, comfort, and ease of use. With a focus on improving
healthcare outcomes, Fixit Medical addresses key challenges in the
field, delivering effective solutions that enhance patient care and
improve overall experiences. Our range of products is designed with
healthcare professionals and patients in mind, ensuring
high-quality performance and reliability in clinical
settings.
Fixit Medical is the sole owner, designer, and
developer of Cingo®, the next-generation percutaneous drainage
catheter fixation device. Cingo® is distinguished by its
best-in-class catheter securement with a pull-force dissipating
design, ease of wound access and waterproof feature whilst offering
a two-week wear time.
In July 2024, Fixit
Medical Ltd was awarded a £270,000 ‘UK Smart Grant’ by innovate UK
for the continued development of Cingo®.
Regulatory
Progress
Since Igraine's investment in February 2023 and the award of the Innovate UK
Smart Grant in July 2024, Fixit
Medical has significantly advanced the development of its flagship
product, Cingo®. The company has optimised design drawings for
cost-effective manufacturing and finalised materials for injection
moulding. Upcoming milestones include testing additional mock-up
devices and scaling up production to support regulatory
submissions.
Fixit Medical has confirmed its plans to pursue
FDA approval in parallel with CE marking, enabling market entry in
both the U.S. and Europe.
Product Portfolio Expansion, Launch of Three New
Devices
In an exciting development, Fixit Medical has
launched three additional innovative devices alongside its
principal product, Cingo®. These new projects, which have been
planned for some time named
“Project CO2,” “PI01,” and
“PI03,” are complementary devices targeting distinct markets.
Fixit Medical has filed patents for all three projects and will
share further details in the coming months. This expansion enhances
the valuation of Fixit Medical’s intellectual property (IP) and
builds a cohesive "family of
devices".
Rob Ward, CEO and founder of Fixit Medical Ltd
commented:
“This has been a hugely
exciting and rewarding year at Fixit Medical. We have built strong
momentum driven by solid progress in our current projects along
with advancements in new product development, aiming to create a
portfolio of innovative devices spanning multiple different medical
scenarios. I am very grateful to everyone on the team for their
hard work and passion.”
Grant Awards and Programme
Selection
Fixit Medical has secured two IP grants and been
selected to participate in several programmes, including
the Design for Growth Programme, Investment Ability
Programme, and the Catapult Collaboration
Programme. Additionally, Fixit Medical has been awarded
the CPI MedTech Accelerator
Grant, providing both funding and access to extensive
resources.
Recognition and
Achievements
Fixit Medical has been recognised by Innovate UK as
a case study of
excellence, underlining its transformative potential within the
MedTech sector.
David Levis, Director
and Chief Executive Officer of Igraine,
commented:
"Since joining Igraine, I have had the opportunity to
meet the Fixit Medical team and have been highly impressed by their
meticulous management approach and the vision of Dr. Robert Ward. Cingo® is a highly innovative
product that is gaining well-deserved recognition. I look forward
to Fixit Medical’s future disruption of these crucial
markets.”
The Directors of the
Company accept responsibility for the contents of this
announcement.
Enquiries
Company:
David Levis (Chief Executive
Officer)
David@igraineplc.com
Simon Grant-Rennick (Non-Executive
Chairman)
Simon@igraineplc.com
Steve Winfield (Non-Executive
Director)
Steve@igraineplc.com
Investor relations
: info@igraineplc.com
AQSE Growth Market
Corporate Adviser:
Peterhouse Capital
Limited
Tel: +44 (0) 207 469
0930