Investee Update: Fixit Medical Ltd
17/12/2024 07:00
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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
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