Ilika CEO says Cirtec deal an "absolutely fantastic validation"
London, UK
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August 07, 2023 08:21 AM Eastern Daylight Time
Ilika PLC (AIM:IKA, OTCQX:ILIKF) CEO Graeme Purdy speaks to Thomas Warner from Proactive after announcing the signing of a 10-year agreement with US complex medical device company Cirtec Medical to provide Ilika's Stereax solid-state batteries.
The deal establishes an exclusive relationship with Cirtech for the use of Stereax batteries in medical devices and features an initial period of profit sharing, later transitioning into a royalty on net sales, ensuring mutual benefit. He refers to the deal as an "absolutely fantastic verification and validation" of Ilika's business model.
Purdy suggests that despite Stereax's potential suitability for use in sectors such as the Internet of Things, he's always been clear that the initial commercial focus for Ilika during Stereax's early life will be on medical devices. He also mentions what he calls exciting progress with the other side of the business, the much larger Goliath Electric Vehicle (EV) batteries, and signals more positive developments in the future.
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