Ilika plc Signed agreement with Cirtec Medical (2707I)
04 August 2023 - 4:00PM
UK Regulatory
TIDMIKA
RNS Number : 2707I
Ilika plc
04 August 2023
Ilika plc
("Ilika" or the "Company")
Signed licencing and royalty agreement with Cirtec Medical
Partnership to collaborate in the manufacturing and
commercialisation of miniature Stereax solid-state batteries
Ilika (AIM: IKA), a pioneer in solid-state battery technology,
announces that, further to its announcement on 16 January 2023, it
has concluded contractual negotiations with Cirtec Medical
('Cirtec'), an industry-leading strategic outsourcing partner of
complex medical devices including minimally invasive and active
implantable devices, by signing a ten-year manufacturing licence
for the production of the Stereax range of mm-scale batteries at
Cirtec's facility in Lowell, Massachusetts, U.S.
Headlines of the contractual relationship include:
-- A ten-year licence to manufacture the Stereax range of products
-- Exclusivity for Cirtec in the field of medical devices
designed to drive full utilisation of Cirtec's installed
capacity
-- Profit sharing during the initial period followed by
royalty-bearing manufacturing aligned with industry norms,
calculated on individual battery volumes
-- Ilika to retain the cathode deposition process and back-end
battery formation at their FAB facility in the UK as a sub-contract
service to Cirtec
-- Ilika to transfer some machine sets to the U.S. for Cirtec to
operate on loan, to enable a quicker technology transfer and
qualification process
Ilika will now focus on advanced technology development and IP
licensing in support of Cirtec's manufacturing and
commercialisation activities. This partnership will reinforce
Cirtec's ongoing activities in system level miniaturisation for the
medical device industry.
Ilika and Cirtec will now commence the technology transfer and
certification process which will continue throughout the second
half of 2023. The Cirtec commercial team will engage further with
the Stereax customer list developed by Ilika and within their own
customer base to expand the commercial opportunities now that the
contractual terms of the agreement have been agreed.
Ilika's revenue guidance for the next few years remains
unchanged for now and the Company will provide an update on
commercial progress at its half year results in January 2024.
Graeme Purdy, Ilika's Chief Executive Officer, said: "We are
delighted to be working with Cirtec for the commercialisation of
Stereax. Cirtec has a very strong track record in the
commercialisation of miniature medical devices and we believe this
partnership is well-positioned to ensure a high quality, reliable
and scalable supply of Stereax batteries to our customers."
Brian Highley, Cirtec Medical Chief Executive Officer,
commented: "We are excited by the prospect of adding Stereax
battery technology to our portfolio of medical device solutions.
Our 20 years of experience in the design, development and
manufacture of medical devices positions Cirtec strongly to work
with Ilika to bring its Stereax battery technology to market. We
believe this collaboration fits right into our strengths and
expands upon our mission to vertically integrate our capabilities
to support our offerings to the implantable and wearable device
markets."
For more information contact:
Ilika plc www.ilika.com
Graeme Purdy, Chief Executive Via Walbrook PR
Jason Stewart, Chief Financial Officer
Liberum Capital Limited (Nomad Tel: 020 3100 2000
and Joint Broker)
Andrew Godber,
Nikhil Varghese
Joh. Berenberg, Gossler & Co. KG Tel: 020 3207 8700
(Joint Broker)
Matthew Armitt, Mark Whitmore, Detlir
Elezi,
Mara Grasso
Walbrook PR Ltd Tel: 020 7933 8780 / Ilika@walbrookpr.com
Lianne Applegarth Mob: 07584 391 303
Nick Rome Mob: 07748 325 236
About Ilika Technologies
Ilika specializes in the development of solid-state batteries.
Its Stereax product line is designed for miniature medical implants
and specialist internet of Things (IoT) applications. Stereax
enables disruptive product designers looking for an intrinsically
safe, long life (1000s recharges), low leakage (nA) and miniature
power source in a rectangular form factor similar to ICs. For more
information about Ilika, please visit: https://www.ilika.com .
About Cirtec Medical
Cirtec Medical is a vertically integrated, full-service
outsource partner providing end-to-end product design, development
and manufacturing of Class III and II medical devices and
components. Cirtec specialize in today's most advanced product
technologies including, neuromodulation, implantable drug delivery,
cardiac rhythm management, ventricular assist and minimally
invasive systems including TAVR/TMVR. Cirtec has a global footprint
with facilities in Brooklyn Park, MN; Chandler, AZ; Enfield, CT;
San Jose CA, Lowell, MA, Coyal Free Zone, Costa Rica and
Birkenfeld, Germany.
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310. Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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