Business
Financial Statements for the Year Ended 31 De...
Financial Statements for the Year Ended 31 De....
About this update from Ethtry Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nIgraine plcAQSE: KING(“Igraine” or “the Company”)Financial Statements for the Year Ended 31 December 2024 REVIEW OF BUSINESSDuring the financial year ended 31 December 2024, Igraine Plc made notable strategic progress despite a continued backdrop of economic volatility and subdued capital market conditions in the UK small-cap sector. The Company advanced its core investment strategy through meaningful developments in both healthcare innovation and energy infrastructure, reflecting an expansion of its investment mandate into high-growth sectors aligned with long-term value creation.The appointment of David Levis as an Executive Director during the year has significantly strengthened the Board’s capability, bringing expertise in energy infrastructure, project development and structured investment. His leadership, particularly in relation to the Company’s energy storage initiatives, will be instrumental in advancing this segment of the portfolio.The Company continues to apply a disciplined, proactive approach to identifying, supporting, and advancing investment opportunities with strong commercial potential and sectoral relevance.INVESTEE COMPANY UPDATES Fixit Medical LtdFixit Medical Ltd (‘Fixit’), in which Igraine Plc holds just under 20% equity interest, made strong advances in 2024, both in regulatory preparation and product development. The company’s core product, Cingo®, a next-generation percutaneous drainage catheter fixation device, has undergone extensive refinement in preparation for regulatory submissions in both the United States of America and Europe.During the year, Fixit finalised device materials and design configurations, with optimisation work undertaken to ensure cost-effective manufacturing via injection moulding. The development of mock-up devices has supported extensive testing efforts as the company advances toward full-scale production. Fixit has confirmed its intention to pursue FDA approval concurrently with CE marking, thereby enabling dual-market entry and enhancing commercial flexibility.In addition to its core product, Fixit broadened its product suite with the internal launch of three new devices: Project CO2, PI01, and PI03. These products are aimed at complementary sectors and represent the initial steps in creating a diversified portfolio under the Cingo® brand. Patents have been...