Company Update

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 Bob Moore, Acting Executive Chairman	[phone] via TPI
Singer Capital Markets (Nominated Adviser) Aubrey Powell / Angus Campbell / Oliver Platts	[phone]
Turner Pope Investments (TPI) Limited (Broker) Andy Thacker / James Pope	[phone]

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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