Igraine Plc - Investment in Fixit Medical Ltd
Announcement provided by
Igraine plc · KING03/02/2023 11:36
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”)
Investment in Fixit Medical Ltd
The Board of Igraine (AQSE:KING), an investing company focused on breakthrough innovative technologies and discoveries in the healthcare and life sciences sectors, announces a £100,000 cash investment into Fixit Medical Ltd (“Fixit”), the next generation drainage catheter fixation device.
Further information on Fixit
Fixit, a research and experimental development company focused on social sciences and humanities, is the sole owner, designer and developer of Cingo® (“Cingo”), the next drainage catheter fixation device.
Cingo features best in class catheter fixation through a pull-force dissipating design and an estimated two-week wear time. Cingo also boasts a revolutionary design that protects catheters from twisting and kinking, providing easy access to the catheter exit site for improved visibility and cleaning, and includes a breakthrough integral shower-safe feature.
Fixit CEO and Inventor of Cingo, Dr. Robert Ward, MB BS FRCS FRCR, is a specialist in vascular and interventional radiology and has developed the most advanced and patient-centric drainage catheter fixation device available today.
Dr Robert Ward, “This investment will go some way towards allowing patients and healthcare institutions to enjoy the benefits of this game changing technology compared to current fixation methods, with no associated management costs.”
Details of the Investment
Igraine has entered into an agreement with Fixit, by which it has subscribed for 434 new ordinary shares of £0.01 each in Fixit, at a price of £230.41 per share for a total cost to the Company of £99,997.94. The consideration will be satisfied from the Company’s existing cash resources (“Investment”).
Following the Investment, Igraine will hold 434 ordinary shares in Fixit representing 20 per cent of Fixit’s share capital. Included in the subscription, Igraine has secured rights of pre-emption on any new issues of shares by Fixit, although no further capital raises are anticipated.
The day-to-day operations of Fixit are to be co-managed with operational partner, Larvotto Group Limited (“Larvotto”), who has subscribed for 739 Fixit shares at a price of £67.65 per share, pre the Investment by Igraine. The issue price represents a discount to Igraine’s in-price due to Larvotto’s previous and ongoing unpaid strategic and operational role within Fixit, such service role to continue over the next 2 years, the timeline expected until commercialisation. Paul Johnson, director of Larvotto, had been appointed to the board of Fixit bringing over 25 years of commercial experience in the medical and life sciences sector. No associated individuals or shareholders are being paid, as the remuneration is reflected in the discounted Larvotto price paid per Fixit share.
“Simon Grant-Rennick, Director of Igraine, commented:
Fixit perfectly fits Igraine’s criteria for investment. It offers Igraine considerable exposure into the global interventional radiology drainage procedures market, valued in excess of £600m in 2023 and is projected to expand at a CAGR of ~6% to 2030.
Image-guided percutaneous drainage has become the therapeutic treatment of choice for a wide variety of abnormal fluid collections such as abscesses and ascites and is also widely used for the relief of renal and biliary obstruction. These procedures have resulted in reduced morbidity and mortality and have helped to reduce length of hospital stays and costs.
The company is excited to provide updates as Cingo enters into commercialisation.”
RELATED PARTY TRANSACTION
Executive Director, Steve Winfield, owns approximately 46% of Larvotto Group Limited. Larvotto Group Limited itself will have a resulting holding of approximately 34% of Fixit (post Investment), and acts as an operational partner and investor of Fixit Medical Ltd.
Simon-Grant Rennick, having exercised reasonable care, skill and diligence, considers the terms of the related party transaction to be fair and reasonable as far as shareholders of the Company are concerned.
The Directors of the Company, who have issued this RIS announcement after due and careful enquiry, accept responsibility for its content.
Enquiries
Company:
Steve Winfield (Executive Director)
Simon Grant-Rennick (Non-Executive Director)
Investor relations : info@igraineplc.com
AQSE Growth Market Corporate Adviser:
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
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