REG - Ilika plc - MOU signed with Cirtec Medical

IlikaAnnouncement

16/01/2023 07:00

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RNS Number : 7279M  Ilika plc  16 January 2023

Ilika plc

("Ilika" or the "Company")

 

Memorandum of understanding signed with Cirtec Medical

 

Partnership to collaborate in the manufacturing and commercialisation of
miniature Stereax solid-state batteries

 

Ilika (AIM: IKA), a pioneer in solid-state battery technology, announces it
has broadened its relationship with Cirtec Medical ('Cirtec'), an
industry-leading strategic outsourcing partner of complex medical devices
including minimally invasive and active implantable devices, by signing a
memorandum of understanding ('MOU') which outlines the transfer of Stereax
mm-scale battery manufacturing to Cirtec's facility in Lowell, Massachusetts,
U.S.

 

Ilika will focus on advanced technology development and IP licensing in
support of Cirtec's manufacturing and commercialisation activities. This
partnership will reinforce Cirtec's ongoing activities in system level
miniaturisation for the medical device industry. Benefits of this partnership,
to Ilika, include:

 

·    Further validation of Stereax's capabilities

·    Manufacturing partnership delivering economy of scale and ability to
rapidly ramp production

·    Expanded business development team bringing additional commercial
momentum

 

In due course Ilika and Cirtec envisage signing a contract once the terms of
the partnership have been finalised and a further announcement will be made at
this time.

 

Graeme Purdy, Ilika's Chief Executive Officer, said: "Our partnership with
Cirtec reinforces a pathway towards commercialisation of our Stereax battery
technology. Cirtec brings a wealth of manufacturing experience and a strong
track record of successful product commercialisation in the medical device
industry."

 

Brian Highley, Cirtec Medical Chief Executive Officer, commented: "With over
20 years of experience in the design, development and manufacturing of medical
devices, Cirtec is uniquely poised to work with Ilika in bringing its Stereax
battery technology to market. We believe this collaboration fits right into
our strengths and expands upon our mission to vertically integrate our
capabilities to support our offerings to the implantable and wearable device
markets."

 

 For more information contact:
 Ilika plc                                               www.ilika.com (http://www.ilika.com/)
 Graeme Purdy, Chief Executive                           Via Walbrook PR
 Jason Stewart, Chief Financial Officer

 Liberum Capital Limited (Nomad and Joint Broker)        Tel: 020 3100 2000
 Andrew Godber, Cameron Duncan,
 William Hall, Nikhil Varghese

 Joh. Berenberg, Gossler & Co. KG (Joint Broker)         Tel: 020 3207 8700
 Matthew Armitt, Mark Whitmore, Detlir Elezi,
 Mara Grasso

 Walbrook PR Ltd             Tel: 020 7933 8780 / Ilika@walbrookpr.com
 Lianne Applegarth                                       Mob: 07584 391 303
 Nick Rome                                               Mob: 07748 325 236

 

About Ilika Technologies

Ilika specializes in the development of solid-state batteries. Its Stereax
product line is designed for miniature medical implants and specialist
internet of Things (IoT) applications. Stereax enables disruptive product
designers looking for an intrinsically safe, long life (1000s recharges), low
leakage (nA) and miniature power source in a rectangular form factor similar
to ICs. For more information about Ilika, please visit:
https://www.ilika.com (https://www.ilika.com) .

 

About Cirtec Medical

Cirtec Medical is a vertically integrated, full-service outsource partner
providing end-to-end product design, development and manufacturing of Class
III and II medical devices and components. Cirtec specialize in today's most
advanced product technologies including, neuromodulation, implantable drug
delivery, cardiac rhythm management, ventricular assist and minimally invasive
systems including TAVR/TMVR. Cirtec has a global footprint with facilities in
Brooklyn Park, MN; Chandler, AZ; Enfield, CT; San Jose CA, Lowell, MA, Coyal
Free Zone, Costa Rica and Birkenfeld, Germany.

 

Ilika will be presenting at the Medical Battery Conference on February 7, 2023
at the MD&M West Show in Anaheim , CA and will be present on the Cirtec
stand during the show.

 

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this
announcement via a Regulatory Information Service ("RIS"), this inside
information is now considered to be in the public domain.

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