Igraine plc (AQSE: KING), an investment company focusing on innovative healthcare technologies, announced on Wednesday that Fixit Medical Ltd, in which Igraine holds a 20% stake, has been awarded a GBP270,000 'UK Smart Grant' by Innovate UK for the development of its next-generation drainage catheter fixation device, Cingo.

Fixit Medical, the sole owner and developer of Cingo, has made significant progress towards its commercialisation since Igraine's investment in February 2023. Cingo offers superior catheter securement, a pull-force dissipating design, and an estimated two-week wear time. It also prevents twisting and kinking, enhances visibility and features a shower-safe function, improving patient quality of life.

Fixit has advanced its prototype design and commenced testing for the adhesive and device materials. The technical file for regulatory approvals in the UK and Europe is nearing completion. The Innovate UK Smart Grant will cover 70% of the project's GBP400,000 total costs, with Fixit funding the remaining GBP130,000.

Innovate UK, part of UK Research and Innovation, supports businesses developing transformative innovations. The Smart Grant program is highly competitive, providing substantial support to UK-based SMEs with groundbreaking, commercially viable projects.