Igraine Plc - Investee Update: Fixit Medical Ltd

Igraine Plc - Investee Update: Fixit Medical Ltd

PR Newswire

LONDON, United Kingdom, July 16

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

New Board Appointment

Strategic Investment

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" or "Cingo Technologies").

Fixit Medical, now trading under the brand "Cingo Technologies", is a multi-award-winning, grant-backed UK MedTech company committed to transforming clinical care through the design and development of advanced catheter securement solutions. The company has been the recipient of multiple prestigious innovation grants, including a £270,000 UK Smart Grant from Innovate UK, and has secured two IP grants as part of its growing patent portfolio.

Fixit Medical / Cingo Technologies has also been selected for several nationally recognised programmes, such as the Design for Growth Programme, Investment Ability Programme, and the Catapult Collaboration Programme. In addition, it has received support from the CPI MedTech Accelerator, giving it access to expert resources and facilities to accelerate commercialisation. It was recently recognised by Innovate UK as a case study of excellence, underscoring the strength of its innovation and execution within the medical device sector.

Igraine acquired 434 ordinary shares in Fixit Medical in February 2023. Igraine's holding represents 19.77% of the issued share capital of Fixit Medical Ltd.

Corporate Updates

Appointment of Non-Executive Director

Professor Chris Nutting has been appointed as a Non-Executive Director of Fixit Medical.

The Company announces the appointment of world-leading oncologist Professor Chris Nutting as an advisor and investor. Professor Nutting is a recognised global expert in head and neck oncology, with over 300 publications and leadership roles at The Royal Marsden Hospital and The Institute of Cancer Research, London. His appointment adds significant clinical and scientific expertise to the Company.

Strategic Investment in Fixit Medical

In addition to joining the board of directors, Professor Nutting has purchased shares in Fixit Medical Ltd. Professor Nutting has purchased new ordinary shares in Fixit Medical at a price of £1,150 per share, valuing Fixit Medical at £2,500,000.

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

"We are pleased to see Fixit strengthen its Board with the appointment of Professor Chris Nutting, whose clinical reputation and strategic insight will complement the company's expanding commercial and technical foundations. His investment into the business is both welcomed and illustrative of the value that Fixit Medical continues to create for its shareholders.

Igraine invested in March 2023 at a price of £230.41 per share. Based on the most recent investment terms, the implied price of £1,150 per share now values Igraine's holding at approximately £499,100.

Professor Nutting's participation at the current valuation was facilitated on a standalone basis, reflecting the confidence in Fixit Medical's trajectory and the expectation that, as its product portfolio expands and market interest continues to build, further shareholder value will be realised."

Rob Ward, CEO of Fixit Medical Ltd, commented:

"We are pleased to welcome Professor Chris Nutting to the Board of Fixit Medical. His clinical expertise, industry insight, and standing within the medical profession will be of significant value to the company. The Board is equally pleased that Professor Nutting has chosen to become a shareholder. While the company is not undertaking a funding round at this valuation, we were pleased to facilitate a strategic investment to enable his participation in the business. His involvement represents a strong endorsement of the company's direction and growth potential."

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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