Igraine Plc - Investee Update: Fixit Medical Ltd

Igraine Plc - Investee Update: Fixit Medical Ltd

PR Newswire

LONDON, United Kingdom, June 23

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 provide a further update on its investee company, Fixit Medical Ltd ("Fixit Medical").

Investee Update:

Strategic Collaborations & Research Partnerships

New Corporate Identity

Cingo Percutaneous Manufacturing Milestone

Progress Towards Commercial Scale and Global Market Entry

Cingo® Device Family and EU Funding Application

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. Fixit Medical has a range of products that are designed with healthcare professionals and patients in mind, ensuring high-quality performance and reliability in clinical settings.

Igraine acquired 434 ordinary shares in Fixit Medical in February 2023. Igraine's holding represents 20% of issued share capital of Fixit Medical Ltd.

Strategic Collaborations & Research Partnerships

Fixit Medical continues to deepen its partnerships across the UK innovation ecosystem:

• SETT - Southampton's Emerging Therapies and Technology Centre has confirmed it will collaborate with Fixit on clinical trials of the Cingo® device, validating its efficacy in real-world medical environments.
• Arts University Bournemouth is actively supporting design and development efforts, granting access to its facilities and resources.
• WMG - Warwick Manufacturing Group is collaborating on device design and manufacturing simulations, ensuring Cingo® is optimised for scalable production.
• Health Innovation Wessex - Enabling Fixit Medical to navigate the NHS landscape in all areas of Cingo development.

New Corporate Identity

To reflect its expanded focus across multiple securement applications and its growing intellectual property portfolio, Fixit Medical has formally adopted the trading name Cingo Technologies. The updated branding reinforces its positioning across a combined $5 billion+ global market opportunity.

Cingo Percutaneous Manufacturing Milestone

The final tooling and design of the Cingo catheter fixation device has been completed. 300 units of the final product are moving into production and are expected to be ready by the end of August. These units will play a critical role in supporting the company's regulatory approval process.

Progress Towards Commercial Scale and Global Market Entry

Fixit Medical is preparing regulatory submissions for both FDA (U.S.) and CE (Europe) approval, enabling dual-market entry targeting CE submission in 5 month's time. Design iterations have been finalised and the company is progressing towards production scaling.

Cingo® Device Family and EU Funding Application

Fixit Medical is applying for the EIC Accelerator Grant, backed by the European Innovation Council, seeking approximately €1.6 million in non-dilutive funding. If successful, this grant will accelerate development of a broader suite of devices under the Cingo® brand, including:

• Cingo PICC

• Cingo Surgical

Rob Ward, CEO and founder of Fixit Medical Ltd commented:

"I am thrilled by the momentum the company is building across clinical validation, manufacturing, and strategic partnerships. These milestones reflect the strength of our team, the transformative potential of the Cingo® device family, and the growing confidence of the medical community. With regulatory pathways underway and world-class collaborators by our side, we are entering an incredibly exciting phase''

Simon Grant-Rennick, Non-Executive Chairman of Igraine Plc commented:

"We are delighted with the continued progress at Fixit Medical, now trading as Cingo Technologies. The expansion of the Cingo® product family and the adoption of a new corporate identity reflect the company's growing capabilities and ambition within the global medical device market. This breadth of offering not only increases the intrinsic value of the business but also strengthens the brand's position as a meaningful innovator in patient care. The relationship between Igraine and Fixit Medical has never been stronger, and we look forward to updating our shareholders on further developments in the coming weeks."

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries

Company:

David Levis (Chief Executive Officer)
[e-mail]

Simon Grant-Rennick (Non-Executive Chairman)
[e-mail]

Steve Winfield (Non-Executive Director)
[e-mail]

Investor relations: [e-mail]

AQSE Growth Market Corporate Adviser:

Peterhouse Capital Limited
Tel: [phone]

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