Curated News
By: NewsRamp Editorial Staff
May 17, 2024
Ilika PLC CEO Highlights Strong 2024 Financial Performance and Key Developments
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- Ilika PLC expects to announce revenues of approximately £2.1 million, providing a solid foundation for future operations.
- The company has a ten-year licensing agreement with Cirtec Medical LLC to commercialise miniature batteries and a 12-month collaboration with the Tata Group’s Agratas to develop Goliath cells.
- Ilika's advancements in developing miniature batteries for medical devices and wireless sensors aim to make healthcare more efficient and accessible.
- Ilika PLC CEO Graeme Purdy provided an update on the Stereax production line, noting significant progress at the Massachusetts facility.
Impact - Why it Matters
The trading update from Ilika PLC showcases the company's significant financial growth and key collaborations, which can impact the medical device and wireless sensor industries. The positive financial performance and strategic partnerships demonstrate Ilika's potential for future innovation and development, making it a noteworthy news for investors, industry professionals, and stakeholders.
Summary
Ilika PLC CEO Graeme Purdy discusses the company’s positive trading update for the year to 30 April 2024 with Proactive London’s Stephen Gunnion. The company expects to announce revenues of approximately £2.1 million from £0.7 million a year earlier and ended the period with cash and cash equivalents of £11.9 million, providing a solid foundation for future operations. Key highlights included a ten-year licensing agreement with Cirtec Medical LLC in the US to commercialise miniature batteries for medical devices and wireless sensors, as well as a 12-month collaboration with the Tata Group’s Agratas to develop Goliath cells aiming for a 50 amp-hour battery by the first half of 2025. The company’s financial position is supplemented by a recent £1.7 million capital raise aimed at advancing the Goliath programme.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Ilika PLC CEO Highlights Strong 2024 Financial Performance and Key Developments
