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LONDON - Igraine plc (AQSE:KING) reported a loss of £251,521 for the year ended December 31, 2024, an improvement from the £859,317 loss recorded in the previous year, according to financial statements released Thursday.
The investment company’s cash position declined to £7,273 at year-end from £118,843 in 2023, while total assets fell to £250,369 from £423,013. The company’s auditors noted a "material uncertainty" regarding Igraine’s ability to continue as a going concern.
During 2024, Igraine expanded its investment strategy into energy infrastructure while continuing its focus on healthcare innovation. The company exercised exclusive investment rights over GEM Energia Ltd and its battery energy storage projects, securing a right of first refusal over current and future projects.
Igraine maintains a nearly 20% equity stake in Fixit Medical (TASE:BLWV) Ltd, which is developing Cingo, a percutaneous drainage catheter fixation device. Fixit secured a £270,000 Innovate UK Smart Grant in July 2024 and expanded its product portfolio with three new devices.
Post-year end developments included Fixit’s completion of final tooling and design for its Cingo device, with 300 units in production expected by August 2025. The company also appointed Professor Chris Nutting as a Non-Executive Director.
Igraine also holds a 3.64% stake in Oscillate Plc (AQSE:MUSH) and has invested in Excalibur Medicines Ltd, which is developing a potential COVID-19 therapeutic for diabetic patients.
The company issued convertible loan notes up to £500,000 during the year, drawing down an initial £50,000 tranche. The financial statements were based on a press release issued by the company.
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