Igraine Plc - Fixit Medical Ltd Year End Update

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")

Fixit Medical Ltd Year End Update

The Board of Igraine (AQSE:KING), an investing company focused on breakthrough innovative technologies and discoveries in the healthcare and life sciences sectors, is delighted to provide a year-end update on our investment in Fixit Medical ltd ("Fixit") and its next generation drainage catheter fixation device (Cingo®).

Further information on Fixit

Fixit is the sole owner, designer, and developer of Cingo®-the next-generation drainage catheter fixation device. Cingo® is distinguished by its best-in-class catheter securement with a pull-force dissipating design whilst offering an estimated two-week wear time. In addition, the revolutionary design prevents catheters from twisting and kinking along with enhancing visibility and easy cleaning of the catheter exit site. Additionally, Cingo® features a breakthrough integral shower-safe feature greatly improving quality of life and dignity for patients.

Update

Since the announcement of Igraine's investment in February 2023, Fixit has made significant progress toward the commercialisation of Cingo®. In collaboration with MDM Management Ltd, the device underwent further development and refinement, ensuring cost-effective mass production.

During the first 3 months of 2024 we anticipate completing the first run of injection-moulded prototypes, marking the commencement of comprehensive laboratory testing.

The Cingo® device is protected by patents granted in the USA, Europe, and other key jurisdictions internationally.  Additionally, in December 2023, Fixit initiated a further patent family protecting the optimised design of the device which, if granted, will provide patent protection until 2044. Brand Murray Fuller LLP has been appointed as the company's patent and trademark attorneys.

In parallel Fixit is diligently preparing the technical dossier for ISO 13485 in anticipation of the BSI audit scheduled for the middle to latter part of 2024. Following this Cingo® will be ready for commercialisation.

Fixit Medical will be attending this year's Arab Health Congress at the end of January to begin the process of introducing the product to interested international parties.

Simon Grant-Rennick, Director of Igraine, commented:

"We appreciate your ongoing support and commitment to our shared vision of advancing healthcare through innovative solutions. As we embark on the exciting journey towards commercialisation, we look forward to achieving new milestones and delivering value to our shareholders."

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)

Steve@igraineplc.com

Simon Grant-Rennick (Non-Executive Director)

Simon@igraineplc.com

Investor relations : info@igraineplc.com

Aquis Growth Market Corporate Adviser:

Peterhouse Capital Limited

Guy Miller / Mark Anwyl

Tel: +44 (0) 207 469 0930