Ilika plc Signed agreement with Cirtec Medical (2707I)

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: [phone] 
  and Joint Broker) 
 Andrew Godber, 
 Nikhil Varghese 
 
 
 
 Joh. Berenberg, Gossler & Co. KG                                  Tel: [phone] 
  (Joint Broker) 
 Matthew Armitt, Mark Whitmore, Detlir 
  Elezi, 
 Mara Grasso 
 
 
 
 Walbrook PR Ltd                            Tel: [phone] / [e-mail] 
 Lianne Applegarth                                                 Mob: [phone] 
 Nick Rome                                                         Mob: [phone] 
 
 

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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August 04, 2023 02:00 ET (06:00 GMT)