Microsaic Systems - Company Update
25/06/2024 08:06
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RNS Number : 7571T Microsaic Systems plc 25 June 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
Microsaic Systems plc
("Microsaic" or the "Company")
Company update
Microsaic Systems plc (AIM: MSYS), the developer of microelectronic
instruments and provider of integrated Modern Water analytical solutions, is
pleased to announce the following update.
Research & Development Tax
Credit
The Company is also pleased to announce it has now received a research and
development tax credit from HMRC in the amount of £262,000 for qualifying
costs expended in 2022. These costs primarily relate to research and
development work by the Company on the pathogen detector for identifying
Covid-19 in water. As previously announced, the Company is further developing
a device to identify and monitor a wide range of pathogens in water, by
adapting the Covid-19 model into an online multi-pathogen detector capable of
delivering rapid results.
Business Restructuring
Having restructured the business at the turn of the year, the Board remains
committed to the Company's reset objectives starting this year and to applying
a business plan built on the integration of the Microsaic Systems and Modern
Water technologies. This technical integration for water testing services is
now branded and marketed as 'Tethys Purity' to reflect the broad and
comprehensive water testing capabilities that the Company can now offer.
Tethys Purity is a modular concept where customers can select the entire suite
or a range of devices and services to meet their specific needs, from PFAS
detection to toxic water monitoring including pathogen identification. The
Company is actively building up partnerships and joint ventures to support its
commercial objectives to deliver a total solution for water testing and
safety.
Bob Moore, Acting Executive Chairman of Microsaic, commented:
"We are moving the Company forward by building on our newly combined
technologies and enhanced business capabilities. We look forward to completing
our worthwhile projects as part of our wider objective of growth and business
development, and to building mutually rewarding partnerships to create value
for our investors."
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 / Oliver Platts
Turner Pope Investments (TPI) Limited (Broker) +44 (0) 20 3657 0050
Andy Thacker / James Pope
About Microsaic Systems and Modern Water
Microsaic is highly experienced in microelectronics and development of
instrumentation. Having acquired the Modern Water business it has reset,
diversified and widened its capabilities into broader based analytical
equipment supply and services company with combined technologies resulting in
comprehensive water testing capabilities. The Company has an extensive
existing and newly acquired 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
micro-mass spectrometer system and water testing solutions enables 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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