Fixit Medical Ltd Year End Update
15/01/2024 07:00
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")
Fixit Medical Ltd Year End Update
The Board of Igraine (AQSE:KING), an investing company focused on breakthrough
innovative technologies and discoveries in the healthcare and life sciences
sectors, is delighted to provide a year-end update on our investment in Fixit
Medical ltd ("Fixit") and its next generation drainage catheter fixation
device (Cingo®).
Further information on 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.
Update
Since the announcement of Igraine's investment in February 2023, Fixit has
made significant progress toward the commercialisation of Cingo®. In
collaboration with MDM Management Ltd, the device underwent further
development and refinement, ensuring cost-effective mass production.
During the first 3 months of 2024 we anticipate completing the first run of
injection-moulded prototypes, marking the commencement of comprehensive
laboratory testing.
The Cingo® device is protected by patents granted in the USA, Europe, and
other key jurisdictions internationally. Additionally, in December 2023,
Fixit initiated a further patent family protecting the optimised design of the
device which, if granted, will provide patent protection until 2044. Brand
Murray Fuller LLP has been appointed as the company's patent and trademark
attorneys.
In parallel Fixit is diligently preparing the technical dossier for ISO 13485
in anticipation of the BSI audit scheduled for the middle to latter part of
2024. Following this Cingo® will be ready for commercialisation.
Fixit Medical will be attending this year's Arab Health Congress at the end of
January to begin the process of introducing the product to interested
international parties.
Simon Grant-Rennick, Director of Igraine, commented:
"We appreciate your ongoing support and commitment to our shared vision of
advancing healthcare through innovative solutions. As we embark on the
exciting journey towards commercialisation, we look forward to achieving new
milestones and delivering value to our shareholders."
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
Aquis Growth Market Corporate Adviser:
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
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