REG - Ilika plc - Signed agreement with Cirtec Medical

IlikaAnnouncement

04/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230804:nRSD2707Ia&default-theme=true

RNS Number : 2707I  Ilika plc  04 August 2023

Ilika plc

("Ilika" or the "Company")

 

Signed licencing and royalty agreement 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
that, further to its announcement on 16 January 2023, it has concluded
contractual negotiations with Cirtec Medical ('Cirtec'), an industry-leading
strategic outsourcing partner of complex medical devices including minimally
invasive and active implantable devices, by signing a ten-year manufacturing
licence for the production of the Stereax range of mm-scale batteries at
Cirtec's facility in Lowell, Massachusetts, U.S.

 

Headlines of the contractual relationship include:

 

·    A ten-year licence to manufacture the Stereax range of products

·    Exclusivity for Cirtec in the field of medical devices designed to
drive full utilisation of Cirtec's installed capacity

·    Profit sharing during the initial period followed by royalty-bearing
manufacturing aligned with industry norms, calculated on individual battery
volumes

·    Ilika to retain the cathode deposition process and back-end battery
formation at their FAB facility in the UK as a sub-contract service to Cirtec

·    Ilika to transfer some machine sets to the U.S. for Cirtec to operate
on loan, to enable a quicker technology transfer and qualification process

 

Ilika will now 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.

 

Ilika and Cirtec will now commence the technology transfer and certification
process which will continue throughout the second half of 2023. The Cirtec
commercial team will engage further with the Stereax customer list developed
by Ilika and within their own customer base to expand the commercial
opportunities now that the contractual terms of the agreement have been
agreed.

 

Ilika's revenue guidance for the next few years remains unchanged for now and
the Company will provide an update on commercial progress at its half year
results in January 2024.

 

Graeme Purdy, Ilika's Chief Executive Officer, said: "We are delighted to be
working with Cirtec for the commercialisation of Stereax. Cirtec has a very
strong track record in the commercialisation of miniature medical devices and
we believe this partnership is well-positioned to ensure a high quality,
reliable and scalable supply of Stereax batteries to our customers."

 

Brian Highley, Cirtec Medical Chief Executive Officer, commented: "We are
excited by the prospect of adding Stereax battery technology to our portfolio
of medical device solutions. Our 20 years of experience in the design,
development and manufacture of medical devices positions Cirtec strongly to
work with Ilika to bring 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,
 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.

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGREXLFBXVLZBBE