Heads of Terms signed with manufacturer in China
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR").
Microsaic Systems plc
("Microsaic" or the "Company")
Heads of Terms signed with manufacturer to open direct China presence
Production to commence in 2021 and on track for China medical device licence in 2022
Microsaic Systems plc (AIM: MSYS), the developer of point of need mass spectrometry ("MS") instruments, is pleased to announce it has signed non-binding Heads of Terms ("HoT") with a manufacturing partner, to support the China Distributor HoT (RNS announced on 4 May 2021) for Microsaic's micro-engineered MS technology.
Under the newly signed HoT, production of the point of care MS medical device is expected to commence this year in Shanghai for the hospital diagnostics monitoring system for the Chinese market. Local production is a pre-requisite to secure a medical licence for Microsaic's existing technology.
Microsaic expects to generate two streams of revenue in 2022, from the initial sale of monitoring systems and the subsequent recurring revenue-share from the supply of reagents and consumables used for point-of-care patient monitoring.
In 2019, there were 33,000 hospitals registered in China, with 7.9 million beds (or 1 bed per 1000 population)1.
Glenn Tracey, CEO of Microsaic Systems plc, commented:
"With the Company on track to secure a China medical device licence in 2022, the move to mass production of this Microsaic equipment in China represents a significant opportunity to reduce costs and increase margins for these devices, and demonstrates our commitment to position our point-of-need technology in a broad range of key verticals within the human health diagnostics sector.
" We are focused on commercialisation of integrated smart AI medical devices, sample-to-result platforms, and equipment/devices with network management software capability.
"We look forward to providing further information on our production and distribution partners on completion of the full agreements. "
In accordance with UK MAR, the directors named below take responsibility for the contents of this announcement.
1 China Hospital Industry Report, 2019-2025
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Enquiries: |
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Microsaic Systems plc Glenn Tracey, CEO - Bevan Metcalf, FD |
+44 (0)1483 751 577 |
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Singer Capital Markets |
+44 (0)20 7496 3000 |
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Aubrey Powell / George Tzimas /Tom Salvesen |
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Turner Pope Investments (TPI) Limited (Broker) Andy Thacker / James Pope |
+44 (0) 20 3657 0050 |
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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 purpose built for "Industry 4.0" 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.
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