Igraine Plc - Investee Update: Fixit Medical Ltd

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