Last checked at 25 Sep 2023 07:00
25 September 2023
Microsaic Systems plc
("Microsaic" or the "Company")
Update and Directorate change
The Company announced on 26 and 29 June 2023 that it was likely that the Company will need to raise further working capital in Q3 2023. The Company currently has cash in the bank of approximately £350k with no debt, and collectable trade debtors of circa £100k, and continues to meet its obligations as they fall due, providing a funding runway through to mid-November.
The Company is evaluating alternatives including discussions with several parties about strengthening the balance sheet and aims to conclude a fundraising within that period. The Company would then seek reinstatement of its shares to trading on AIM shortly afterwards, subject also to having published the FY22 report and accounts on a going concern basis, issued its interim results to 30 September 2023 and augmented the leadership team. Such fundraising is likely to be subject to shareholder approval to issue and allot new shares. An amount of approximately £1.5-2.0m would provide sufficient funds to remain a going concern, with additional funds to be targeted principally on the final testing and marketing of the Company's new innovative products, namely an acrylamide detector and ProteinID technology that it expects to bring to market in 2024.
Gerry Brandon, Executive Chairman, has resigned and will leave the Company and the Board with immediate effect, to enable him to devote more time to his other business commitments. Gerry joined the Company in January 2021 and has been instrumental in the transformation of the Company to be a commercially focused service provider as well as a mass spectrometry manufacturing business.
The Company is pleased to announce the appointment of Bob Moore, who joined the Company as a Non-Executive Director in March 2022, as Executive Chairman.
In addition to the above management changes, the Company intends to progress with the recruitment of a new CEO to ensure that the Company has the full set of skills necessary to take the business forward and return to compliance with the appropriate corporate governance standards. At that time it is expected that Bob Moore would revert to a non-executive role.
Bob Moore commented: "The Company and Board are grateful for the contribution that Gerry has made to the development of the Company since early 2021, particularly during the difficult period during and following the Covid pandemic. We wish him well in his future endeavours."
Further announcements will be made as appropriate.
Enquiries: | |
Microsaic Systems plc Bob Moore Chairman and interim Chief Executive | +44 (0)1483 751 577 |
Singer Capital Markets (Nominated Adviser & Joint Broker) | +44 (0)20 7496 3000 |
Aubrey Powell (Investment Banking) |
|
| |
Turner Pope Investments (TPI) Limited (Broker) Andy Thacker / James Pope | +44 (0) 20 3657 0050 |
|
|
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information as stipulated under the UK version of the market abuse regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
About Microsaic (www.microsaic.com)
Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested £30m over the last 20 years before and after the IPO, Microsaic has a robust patent portfolio in cutting-edge technology which enables analytical detection and characterisation at the point-of-need, whether within a human health environment, conventional laboratory setting, or within a bioprocessing facility for continuous mass spectrometer detection and monitoring of data at any step in the process workflow.
Microsaic's products and systems are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing, and point-of-need applications. Microsaic is an innovative company. Most recently the Company has developed an Acrylamide detector for use in the food industry and a ProteinID detector for the bio-pharmacy industry that will greatly reduce the wastage cost by early detection of expensive product failure throughout the biopharmaceutical drug manufacturing process. Both products are at the final stage of development and are expected to be released to the market in 2024.