Igraine Plc Investment in Fixit Medical Ltd

 
TIDMKING 
 
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) 
 
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 
 
Guy Miller / Mark Anwyl 
 
Tel: +44 (0) 207 469 0930 
 
 
 
END
(END) Dow Jones Newswires
February 03, 2023 06:36 ET (11:36 GMT)
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