Ilika Plc Regulatory News (IKA)

Ilika plc

("Ilika" or the "Company")

Memorandum of understanding signed 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 it has broadened its relationship with Cirtec Medical ('Cirtec'), an industry-leading strategic outsourcing partner of complex medical devices including minimally invasive and active implantable devices, by signing a memorandum of understanding ('MOU') which outlines the transfer of Stereax mm-scale battery manufacturing to Cirtec's facility in Lowell, Massachusetts, U.S.

Ilika will 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. Benefits of this partnership, to Ilika, include:

· Further validation of Stereax's capabilities

· Manufacturing partnership delivering economy of scale and ability to rapidly ramp production

· Expanded business development team bringing additional commercial momentum

In due course Ilika and Cirtec envisage signing a contract once the terms of the partnership have been finalised and a further announcement will be made at this time.

Graeme Purdy, Ilika's Chief Executive Officer, said: "Our partnership with Cirtec reinforces a pathway towards commercialisation of our Stereax battery technology. Cirtec brings a wealth of manufacturing experience and a strong track record of successful product commercialisation in the medical device industry."

Brian Highley, Cirtec Medical Chief Executive Officer, commented: "With over 20 years of experience in the design, development and manufacturing of medical devices, Cirtec is uniquely poised to work with Ilika in bringing 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."

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.

Ilika will be presenting at the Medical Battery Conference on February 7, 2023 at the MD&M West Show in Anaheim , CA and will be present on the Cirtec stand during the show.

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.