Ilika shares jump on new deal with Cirtec Medical

16th Jan 2023 16:01

(Sharecast News) - Solid-state battery technology developer Ilika has broadened its relationship with Cirtec Medical, it announced on Monday, through a memorandum of understanding outlining the transfer of 'Stereax' millimetre-scale battery manufacturing to Cirtec's facility in Lowell, Massachusetts.

The AIM-traded firm said it would focus on advanced technology development and intellectual property licensing in support of Cirtec's manufacturing and commercialisation activities.

It said the partnership would reinforce Cirtec's ongoing activities in system-level miniaturisation for the medical device industry.

Benefits of the partnership for Ilika would include the further validation of Stereax's capabilities, a manufacturing partnership delivering economy of scale and the ability to rapidly ramp production, and an expanded business development team bringing additional commercial momentum.

The board said that in due course, Ilika and Cirtec envisaged signing a contract once the terms of the partnership were finalised, with a further announcement to be made at that time.

"Our partnership with Cirtec reinforces a pathway towards commercialisation of our Stereax battery technology," said chief executive officer Graeme Purdy.

"Cirtec brings a wealth of manufacturing experience and a strong track record of successful product commercialisation in the medical device industry."

At 1541 GMT, shares in Ilika were up 18.86% at 41.6p.

Reporting by Josh White for Sharecast.com.