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 Receipt of Grant from Innovate
UK
The Board of Igraine (AQSE: KING), an investing
company focused on breakthrough innovative technologies and
discoveries in the healthcare and life sciences sectors, wishes to
notify its shareholders of an update on its investee company, Fixit
Medical Ltd ("Fixit") in which the Company own a 20%
interest.
Fixit Medical Ltd Award of £270,000
Grant:
We are delighted to announce that Fixit Medical
Ltd has been awarded a £270,000 'UK Smart Grant' by Innovate UK for
the continued development of
Cingo®.
About Fixit
Fixit is the sole owner, designer, and developer
of Cingo®-the next-generation drainage catheter fixation device.
Cingo® is distinguished by its best-in-class catheter securement
with a pull-force dissipating design whilst offering an estimated
two-week wear time. In addition, the revolutionary design prevents
catheters from twisting and kinking along with enhancing visibility
and easy cleaning of the catheter exit site. Additionally, Cingo®
features a breakthrough integral shower-safe feature greatly
improving quality of life and dignity for
patients.
Following Igraine's investment in February
2023, Fixit has made significant strides towards the
commercialisation of Cingo®, working with MDM Management Ltd and
other partners to develop and refine the device. The prototype
design advanced considerably, and testing for both the adhesive and
the device's material has commenced.
Fixit has completed the first few prototype
runs and further tested the preferred skin adhesive and device
material. The technical file is nearing completion to obtain the
appropriate regulatory approvals in the UK and
Euro.
About Innovate
UK
Innovate UK, part of UK Research and Innovation,
is the UK's innovation agency. With an annual budget of over £1
billion, Innovate UK inspires, involves, and invests in businesses
developing life-changing innovations. It provides businesses with
the expertise, facilities, and funding they need to test,
demonstrate, and evolve their ideas, driving UK productivity and
economic growth.
About the Smart
Grant
The Innovate UK Smart programme is a highly
competitive process that offers exceptional support to UK-based
SMEs developing world-class, novel, and ground-breaking innovations
designed for rapid and successful commercialisation. Proposals must
align with the competition's eligibility criteria and scope, be
evidently game-changing, and result in the creation of wealth and
significant economic returns for the UK through successful,
sustainable, and viable commercialisation.
Terms of Grant:
Fixit has been awarded the Innovate UK Smart Grant
towards the development and commercialisation of Fixit. Innovate UK
will cover 70% of project costs for works by providing funding to
cover a significant portion of the eligible costs of the project,
with the remaining 30% to be funded by Fixit
itself.
-
Projected Costs - Fixit submitted an estimated
total cost for the commercial development of Cingo at
£400,000.
-
Grant Coverage - Innovate UK to cover £270,000 of
costs through a non-repayable Grant.
-
Company Contribution - Fixit Medical to fund the
remaining £130,000. Fixit's current finances covers this
amount.
Rob Ward, Director and founder of Fixit Medical
Ltd commented:
"We are honoured to
receive the Innovate grant. This funding will significantly
accelerate our efforts to bring our innovative solution to market
and improve healthcare outcomes in this crucial area. We are
grateful for the support of Innovate UK and the confidence placed
in our vision by Igraine. Together, we are committed to making a
meaningful difference in the lives of patients and healthcare
providers."
Simon
Grant-Rennick, Director of Igraine,
commented:
"We are delighted to
hear that Fixit has successfully obtained this grant, it not only
demonstrates the quality and innovative nature of the Cingo device,
but also the dedication of team. This funding is non-dilutive for
existing shareholders. Fixit will now enter into a terribly
exciting period, commercialisation targets have
been brought forward whilst regulatory approvals are
being hastened where possible."
The Directors of the
Company, who have issued this RIS announcement after due and
careful enquiry, accept responsibility for its
content.
Enquiries
Company:
Steve Winfield (Executive
Director)
Steve@igraineplc.com
Simon Grant-Rennick (Non-Executive
Director)
Simon@igraineplc.com
Investor relations
: info@igraineplc.com
AQSE Growth Market
Corporate Adviser:
Peterhouse Capital
Limited
Tel: +44 (0) 207 469
0930