Last checked at 12 Dec 2011 07:00
Microsaic Systems plc
("Microsaic" or the "Company")
Trading update and directorate change
12th December 2011: Microsaic Systems plc (AIM: MSYS), a leading developer of chip-based scientific instruments today announces a directorate change and an update on trading.
The Company announces that Alan Finlay, CEO, has stepped down from the Board with immediate effect. Current Chairman Eric Yeatman has taken the post of acting CEO while the board identifies a suitable replacement. Colin Nicholl, the Company's Deputy Chairman, will serve as Chairman during this period. Alan will remain in the Company to advise and assist the Board during the transitional phase.
Since Microsaic Systems published its half year results on 26th September, the Company has continued to progress the commercialisation of its innovative chip-based mass spectrometry system - the Microsaic 3500 MiD - and has achieved notable success: as stated in September, relationships have been established with five potential OEM sales channels, with one unit being shipped. Since then a unit has been shipped to a second partner and it has received a positive initial technical evaluation. In addition, a major Asian instrumentation company has expressed interest in becoming an OEM - our 6th to-date; and Microsaic has delivered a 3500 MiD to a major European technical research organisation as part of its on-going European Commission-supported collaboration to develop a system for monitoring industrial bio-processes.
The implementation of the direct sales strategy is also going well. Since the delivery of a first system to a major international pharmaceutical company, which was reported in September, the Company has now received further orders for trial systems from two more international pharmaceutical clients.
Commenting on the news, Microsaic Acting CEO Eric Yeatman said:
"We are delighted to be updating the market with the news that our strategy is being validated by customers and partners. The attraction and uniqueness of our miniature chip-based mass spectrometry products is being recognised and our growing sales pipeline gives us confidence for the future.
The Board would like to take this opportunity to thank Alan for his very significant contribution to the development of the Company since joining over ten years ago, and recognises his vision, drive and hard work during his tenure as CEO."
Contacts
Microsaic Systems Eric Yeatman, Acting CEO
| Via Citigate Dewe Rogerson |
Numis Securities Limited Stuart Skinner (Nominated Adviser) James Serjeant (Broker)
| +44 (0)20 7260 1000 |
Citigate Dewe Rogerson Ginny Pulbrook, Chris Gardner, Mark Swallow
| +44 (0)20 7282 2995/2948 +44 (0)7903 737703 |
About Microsaic Systems
Microsaic Systems develops micro-engineered scientific instruments for the identification of chemicals in liquids, gases and solids. Microsaic's technologies are based on the gold-standard technique of mass spectrometry (MS), which is currently based on large and expensive systems.
Microsaic is the first and only company to have successfully miniaturised MS onto patented chip-based technologies (ionchip®, spraychip® and vac-chip®) to create instruments that retain the speed and sensitivity of MS but are smaller, lighter, more energy efficient and cheaper to run than conventional MS systems.
MS technology is used across multiple sectors, including government, energy, utilities, pharmaceutical, diagnostics and healthcare, environmental, food and drink, security and defence, and industrial chemicals - a combined market of $3.3 billion in 2010.
Microsaic Systems was established in 2001 by a team including founders from Imperial College London and was admitted to AIM in April 2011 under the ticker MSYS.
www.microsaic.com