Ilika shares edge higher on first commercial order from Cirtec Medical
Published: 06:45 21 Jan 2026 EST
Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A) shares rose 2% to 37.2p on Wednesday, taking their gain to 77% over the past year, after the company confirmed its transition into commercial production with a first order from US partner Cirtec Medical.
The deal covers the supply of electrodes, the key conductive components in Ilika’s miniature Stereax solid-state batteries, and follows two years of development work.
Cirtec, which specialises in implantable medical devices, will use the materials to scale up manufacturing of its Stereax M300 battery at its Massachusetts facility.
The order marks a turning point for Ilika, shifting from research and prototyping to revenue-generating supply. “This validates the strong market momentum behind our Stereax technology,” said chief executive Graeme Purdy, highlighting the successful execution of the company’s production strategy.
Cirtec and Ilika formalised their partnership in 2023, with Ilika retaining UK-based production capabilities to support Cirtec’s US manufacturing.
The M300 battery is already undergoing trials with 21 customers in the medical tech sector, targeting uses in neurostimulators, orthopaedics and other implanted devices.
Both companies will present the technology at upcoming US industry events, including the North America Neuromodulation Society’s meeting and the MD&M West conference in California.
Broker Cavendish, reiterating its 130p price target, said: "This is a very important milestone for Ilika as it commences the commercial revenue-generating phase of the relationship with Cirtec."
