AIM Admission

RNS Number : 6120E

Microsaic Systems plc

11 April 2011

 



Microsaic Systems plc

("Microsaic" or the "Company")

Admission to Trading

11 April 2011… Microsaic Systems plc, the developer of miniaturised chip-based scientific instruments, is pleased to announce that admission to trading on AIM will become effective, and dealings in the ordinary shares of the Company will start, at 8.00am today, 11 April 2011, under the ticker symbol "MSYS".  

The Admission to AIM follows the Company's successful fund raising, which raised gross proceeds of £4 million by way of an institutional placing of 12,500,000 new shares to institutional investors at 32p per share. On Admission, Microsaic will have a market capitalisation of approximately £12 million.

The net proceeds of the Placing will be used by the Company to fund capital expenditure, manufacturing, sales and field support and new product development, as well as ongoing working capital requirements.

Numis Securities Limited is Nominated Advisor and Broker to Microsaic.

Alan Finlay, chief executive of Microsaic Systems plc, said:

"I am very proud of the progress that our team at Microsaic has made over the past ten years. We have developed a first-to-market position with our novel chip-based mass spectrometer detectors, which we believe will enable us to exploit a large market opportunity across multiple sectors. This is a great achievement and I would like to thank everyone involved for their efforts. I believe this new stage of the Company's evolution will herald the continued growth and development of our business and the creation of further value for our shareholders."

The Business

Microsaic is the first and only company to have successfully miniaturised mass spectrometry ("MS") through the development of its patented chip-based technologies (ionchip®, spraychip® and vac-chip®). The Company's first product, the Microsaic 3500 MiD®, was launched in January 2011. It is a desktop MS system that is smaller, lighter, more energy efficient and cheaper to run than legacy MS systems.

·     Mass spectrometry is widely accepted as a 'gold-standard' method for identifying chemicals. As a result, this technique is used routinely by chemists across a range of sectors including government, energy, utilities, pharmaceuticals, environmental, food and drink, healthcare and industrial chemicals.

·     The total MS market was worth c. US$3.3 billion p.a. (August 2010) and is forecast to grow 8.5% between 2010 and 2011 (Mass spectrometry market data, SDI, March 2011). More than two-thirds of this highly diversified market is directly or indirectly tied to government, healthcare and regulation-driven demand, such as drug development, diagnostics, food and environmental safety testing.

·     Microsaic aims to introduce compact, deployable MS products, based on its core technology, into a series of target markets.

·     In addition, the Company continues to innovate and develop next generation products designed to reach wider markets and target additional applications, providing even greater sensitivity for detecting very low concentrations of chemicals (e.g. contaminants, harmful substances or clinical biomarkers) in complex samples (e.g. urine, blood plasma and food).

·     Microsaic Systems was established in 2001 as a spin out from Imperial College London.

·     Microsaic's technologies are protected by 88 patent applications worldwide of which 36 are granted.

Admission Statistics

Number of Placing Shares	12,500,000
Placing Price	32 pence
Estimated gross proceeds from the Placing of New Shares	£4 million
Enlarged Issued Share Capital immediately following Admission	37,515,400
Percentage of Enlarged Issued Share Capital represented by the New Shares	33.32 per cent.
Market capitalisation of the Company immediately following Admission at the Placing Price	£12 million
ISIN	GB00B547ZY09
AIM Symbol	MSYS

Contacts

Microsaic Systems Alan Finlay, CEO	Via Citigate Dewe Rogerson
Numis Securities Limited Stuart Skinner (Nominated Adviser) James Serjeant (Broker)	[phone]
Citigate Dewe Rogerson Chris Gardner, Mark Swallow	[phone]/2948

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

 

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