Business
Signed agreement with Cirtec Medical
Signed agreement with Cirtec Medical.
About this update from Ilika Plc
[{"type":"text","content":"\n\nIlika plc\n(\"Ilika\" or the \"Company\")\n \nSigned licencing and royalty agreement with Cirtec Medical\n \nPartnership to collaborate in the manufacturing and commercialisation of miniature Stereax solid-state batteries\n \nIlika (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.\n \nHeadlines of the contractual relationship include:\n \n· A ten-year licence to manufacture the Stereax range of products\n· Exclusivity for Cirtec in the field of medical devices designed to drive full utilisation of Cirtec's installed capacity\n· Profit sharing during the initial period followed by royalty-bearing manufacturing aligned with industry norms, calculated on individual battery volumes\n· 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\n· 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\n \nIlika 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.\n \nIlika 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.\n \nIlika'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...