REG - Microsaic Systems - Company Update

Microsaic SystemsAnnouncement

16/02/2024 07:00

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RNS Number : 3583D  Microsaic Systems plc  16 February 2024

16 February 2024

 

Microsaic Systems plc

 

("Microsaic" or the "Company")

 

Company update

 

Microsaic Systems plc (AIM: MSYS), the developer of micro-electronic
instruments and analytical solutions, is pleased to announce that following
completion of the acquisition of the assets of Modern Water, as announced on
25 January, the Modern Water laboratory and production facilities have been
reactivated at Sand Hutton, York, England. The Company has re-engaged
specialist staff and moved the business to a smaller and more cost-efficient
part of the York Biotech Campus. The Board expects to have initial stocks of
MicroTox® reagents available for release by the end of February once full
quality criteria have been met, with further reagents to be manufactured and
available for shipping in April. The Company is receiving orders from existing
repeat customers, as well as enquiries from those seeking to renew supplies of
MicroTox® reagent and other consumable kits for their testing equipment.

 

The Company has also begun marketing Sulphate Reducing Bacteria Test kits
("SRB Kits") and will be quality checking initial production of SRB Kits in
the coming weeks, before making them available for purchase. Modern Water is
committed to maintaining the highest quality and consistency for its
market-leading MicroTox® brand and associated products.

 

The Company has made good progress with the mass spectrometry part of its
business. Outsourced manufacturing of the 4500MiD® units continues at
Kingfield Electronics in Chesterfield, England. In addition, Microsaic's mass
spectrometer servicing capability has been set up in collaboration with a new
partner Jaytee Biosciences, in Herne Bay, Kent. The Company's miniaturised
PFAS ('forever chemicals') detection equipment, built around the 4500MiD®, is
attracting significant market interest from original equipment manufacturers
("OEM"s) and suppliers. A complete PFAS system is undergoing stage 1 testing
with a large OEM in the United States which has leading domestic sales and
worldwide distribution capabilities. We are working with them to optimise the
PFAS system for commercial use after stage 1 testing is completed estimated to
be in Q2 2024. The Company will provide a further update in due course
regarding the planned evaluation of its bioprocessing solution, ProteinID, by
a European OEM ahead of field trials expected later this year.

 

Bob Moore, Acting Executive Chairman of Microsaic, commented:

 

"We are pleased that the integration of Modern Water is going ahead as
planned. We are now actively resetting both the Modern Water and Microsaic
Systems parts of the business to increase efficiencies as part of our growth
plans. We are reconfiguring the business such that we can react in an agile
way to the changing needs of our customers, with a close initial focus on the
growing markets in point of need environmental testing of water, and for toxic
and potentially carcinogenic chemicals."

 

 

 Microsaic Systems plc                            +44 (0) 20 3657 0050

 Bob Moore, Acting Executive Chairman             via TPI

 Singer Capital Markets (Nominated Adviser)       +44 (0)20 7496 3000

 Aubrey Powell / Angus Campbell / Oliver Platts

 Turner Pope Investments (TPI) Limited (Broker)   +44 (0) 20 3657 0050

 Andy Thacker / James Pope

 

About Microsaic Systems

Microsaic has over 20 years' experience in microelectronics and development of
instrumentation. The Company has an extensive and innovative patent portfolio
in industry-leading technology designed and developed for "Industry 4.0"
application serving markets in diversified Industries, Human and Environmental
Health. Microsaic's very energy-efficient, micro-system solutions have enabled
analytical detection and characterisation at the point-of-need, whether within
a mobile testing capability, conventional laboratory setting, or within a
bioprocessing facility for continuous detection of data at multiple steps in
the process workflow.

 

Microsaic's products and solutions are commercially available through global
markets via a network of regional and local partners, targeting its core
laboratory, manufacturing and point-of-need applications.

 

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