Company behind innovative medical device secures investment
A Dorset company behind an innovative drainage catheter fixation device has secured a £100,000 investment from Igraine.
Fixit, based in Poole, is a research and experimental development firm focused on social sciences and humanities, and is the sole owner, designer and developer of Cingo.
The product features catheter fixation technology through a pull-force dissipating design and an estimated two-week wear time.
Fixit chief executive and Cingo inventor Dr Robert Ward, a specialist in vascular and interventional radiology, said: “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.”
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.
Following the Investment, Igraine will hold 434 ordinary shares in Fixit representing 20% of its share capital.
The day-to-day operations of Fixit are to be co-managed with operational partner, Larvotto Group, which has subscribed for 739 Fixit shares at a price of £67.65 per share, pre the investment by Igraine.
Paul Johnson, director of Larvotto, has been appointed to the board of Fixit, bringing more than 25 years of commercial experience in the medical and life sciences sector.
Simon Grant-Rennick, director of Igraine, said: “Fixit perfectly fits Igraine’s criteria for investment.
“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.”
