Igraine Plc - Fixit Medical Ltd Receipt of Grant from Innovate UK

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 Receipt of Grant from Innovate UK

The Board of Igraine (AQSE: KING), an investing company focused on breakthrough innovative technologies and discoveries in the healthcare and life sciences sectors, wishes to notify its shareholders of an update on its investee company, Fixit Medical Ltd ("Fixit") in which the Company own a 20% interest.

Fixit Medical Ltd Award of £270,000 Grant:

We are delighted to announce that Fixit Medical Ltd has been awarded a £270,000 'UK Smart Grant' by Innovate UK for the continued development of Cingo®.

About 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.

Following Igraine's investment in February 2023, Fixit has made significant strides towards the commercialisation of Cingo®, working with MDM Management Ltd and other partners to develop and refine the device. The prototype design advanced considerably, and testing for both the adhesive and the device's material has commenced.

Fixit has completed the first few prototype runs and further tested the preferred skin adhesive and device material. The technical file is nearing completion to obtain the appropriate regulatory approvals in the UK and Euro.

About Innovate UK

Innovate UK, part of UK Research and Innovation, is the UK's innovation agency. With an annual budget of over £1 billion, Innovate UK inspires, involves, and invests in businesses developing life-changing innovations. It provides businesses with the expertise, facilities, and funding they need to test, demonstrate, and evolve their ideas, driving UK productivity and economic growth.

About the Smart Grant

The Innovate UK Smart programme is a highly competitive process that offers exceptional support to UK-based SMEs developing world-class, novel, and ground-breaking innovations designed for rapid and successful commercialisation. Proposals must align with the competition's eligibility criteria and scope, be evidently game-changing, and result in the creation of wealth and significant economic returns for the UK through successful, sustainable, and viable commercialisation.

Terms of Grant:

Fixit has been awarded the Innovate UK Smart Grant towards the development and commercialisation of Fixit. Innovate UK will cover 70% of project costs for works by providing funding to cover a significant portion of the eligible costs of the project, with the remaining 30% to be funded by Fixit itself.

• Projected Costs - Fixit submitted an estimated total cost for the commercial development of Cingo at £400,000.
• Grant Coverage - Innovate UK to cover £270,000 of costs through a non-repayable Grant.
• Company Contribution - Fixit Medical to fund the remaining £130,000. Fixit's current finances covers this amount.

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

"We are honoured to receive the Innovate grant. This funding will significantly accelerate our efforts to bring our innovative solution to market and improve healthcare outcomes in this crucial area. We are grateful for the support of Innovate UK and the confidence placed in our vision by Igraine. Together, we are committed to making a meaningful difference in the lives of patients and healthcare providers."

Simon Grant-Rennick, Director of Igraine, commented:

"We are delighted to hear that Fixit has successfully obtained this grant, it not only demonstrates the quality and innovative nature of the Cingo device, but also the dedication of team. This funding is non-dilutive for existing shareholders. Fixit will now enter into a terribly exciting period, commercialisation targets have been brought forward whilst regulatory approvals are being hastened where possible."

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

AQSE Growth Market Corporate Adviser:

Peterhouse Capital Limited

Tel: +44 (0) 207 469 0930