Completion of Acquisition

Microsaic Systems plc

25 January 2024

 

25 January 2024

Microsaic Systems plc

("Microsaic" or the "Company")

Completion of Acquisition

Capitalised terms in this announcement carry the same meaning as in the Circular
or subsequent announcements, unless the context indicates otherwise

Microsaic Systems plc (AIM: MSYS), the developer of micro-electronic instruments and analytical solutions, announces that, further to the announcement made by the Company on 12 January 2024 (RNS No. 5915Z)¹, it has completed the acquisition of the Modern Water assets and the Microtox® water testing business previously owned by DeepVerge plc.

Bob Moore, Acting Executive Chairman, commented:

"This concludes our recent corporate activity to recapitalise Microsaic on an enlarged basis by integrating the Modern Water Microtox® water testing business. We are now in the process of installing the acquired equipment in newly leased and lower cost laboratory space in York, England. We intend to restart sales and manufacture of water testing reagents as soon as reasonably practicable, to meet continuing demand from the installed base of Microtox® users.

Additionally, we remain focused on supplying and servicing to customers operating Microsaic's mass spectrometry units, through our existing outsourced manufacturing partner and a newly appointed outsourced servicing partner. We are committed to supporting existing clients and prospective distribution partners in assessing the ProteinID and PFAS² units ahead of planned field trials expected in H1 2024, designed to assess their performance in monitoring biomanufacturing of drugs and the detection of 'forever chemicals'."

^{1            https://www.londonstockexchange.com/news-article/MSYS/acquisition-update-change-of-registered-office/16287737}

 ²           PFAS are Perfluoroalkl and Polyfluoroalkyl synthetic chemicals which have potentially carcinogenic properties and don't naturally break down hence called 'forever chemicals'.

Enquiries:

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

About Microsaic Systems

Microsaic has over 20 years' experience in microelectronics and development of instrumentation. The Company has a robust and innovative patent portfolio in cutting-edge technology designed and developed for "Industry 4.0" application serving markets in diversified Industries, Human and Environmental Health. Microsaic's system solutions have enabled analytical detection and characterisation at the point-of-need, whether within a 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.

 

END