Poole's Fixit Medical wins £270,000 grant to advance its catheter device
Poole-based Fixit Medical Ltd has received a £270,000 'UK Smart Grant' by Innovate UK to continue to develop Cingo - the firm's catheter fixation device.
The news was reported by London-listed Igraine, the investor in the healthcare and life sciences sector, which holds 20% of Fixit Medical.
The design of Cingo prevents catheters from twisting and kinking along with enhancing visibility and easy cleaning, said Igraine. It also has an integral shower-safe feature greatly, improving life for patients.
"Following Igraine's investment in February 2023, Fixit has made significant strides towards the commercialisation of Cingo, working with MDM Management Ltd and other partners to develop and refine the device," said Igraine.
"The prototype design advanced considerably, and testing for both the adhesive and the device's material has commenced," it added.
"Fixit has completed the first few prototype runs and further tested the preferred skin adhesive and device material. The technical file is nearing completion to obtain the appropriate regulatory approvals in the UK and Euro."
Innovate UK is part of UK Research and Innovation and its UK Smart programme is a highly competitive process to support UK-based SMEs developing world-class, novel, and ground-breaking innovations designed for rapid and successful commercialisation.
Fixit has been awarded the Innovate UK Smart Grant towards the development and commercialisation of Fixit. Innovate UK will cover 70% of project costs for works by providing funding to cover a significant portion of the eligible costs of the project, with the remaining 30% to be funded by Fixit itself.
Rob Ward, director and founder of Fixit MedicaWe are honoured to receive the Innovate grant. This funding will significantly accelerate our efforts to bring our innovative solution to market and improve healthcare outcomes in this crucial area.
"We are grateful for the support of Innovate UK and the confidence placed in our vision by Igraine. Together, we are committed to making a meaningful difference in the lives of patients and healthcare providers."
Simon Grant-Rennick, director of Igraine, added: "We are delighted to hear that Fixit has successfully obtained this grant, it not only demonstrates the quality and innovative nature of the Cingo device, but also the dedication of team.
"This funding is non-dilutive for existing shareholders. Fixit will now enter into a terribly exciting period, commercialisation targets have been brought forward whilst regulatory approvals are being hastened where possible."
