REG - Microsaic Systems - New Product Development

Microsaic SystemsAnnouncement

14/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240614:nRSN4071Sa&default-theme=true

RNS Number : 4071S  Microsaic Systems plc  14 June 2024

Microsaic Systems plc

 

("Microsaic", the "Company" and, together with its subsidiaries, the "Group")

 

New product development agreement for pathogen detection in water

and proposed Company name change

 

Microsaic Systems plc (AIM: MSYS), the developer of micro-electronic
instruments and provider of integrated Modern Water analytical water testing
solutions is pleased to announce the following update.

 

New product development

 

On 25 January 2024, the Company announced that it had acquired certain assets
of Modern Water and the Microtox® water testing business from DeepVerge plc
(the "Acquisition"). The Company had been previously commissioned by Modern
Water to design and build a pathogen detector, primarily to measure and detect
the Covid-19 virus in water and in this regard several working prototypes were
developed by the Company. As part of the Acquisition, the Company acquired the
design, prototypes and rights to manufacture the pathogen detector and now
intends to develop the device further for multi-pathogen detection.

 

The Company is pleased to announce that in line with this objective it has
reached non-binding heads of terms with Aptamer Group plc (AIM: APTA)
("Aptamer") for the development of Optimer® binders to be used for the
detection of pathogens of serious concern to public health that can be found
in water (the "Agreement"). A Covid-19 virus Optimer® had previously been
developed and integrated into the prototype pathogen detector built by the
Company and successful trials have taken place. Optimer® binders are short,
single-stranded DNA or RNA molecules that can act as an antibody alternative
to bind a particular target with high affinity and specificity, including
proteins, peptides, carbohydrates, small molecules, toxins, and even live
cells. Their versatility is a function of the way in which they are developed
via highly controlled lab-based methods, without the use of animals.

 

Under the terms of the Agreement, Aptamer will develop a new set of binders to
target and detect named pathogens, which can be deployed to test for multiple
common water borne pathogens in the adapted pathogen detector. A positive
Optimer®-to-pathogen binding event will be trigger a system alarm. The new
pathogen detector will be further developed by the Company from existing
prototypes to work in real time with online water sampling and multiplex
Optimer® testing capability, giving a rapid alarm response within minutes if
a targeted pathogen is detected. It is expected that pathogens such as E.
coli, cholera, cryptosporidium, legionella and norovirus (amongst others) will
be quickly detected in situ (at the point of testing), avoiding the delays
associated with laboratory testing methods. The compact pathogen detector
will, if required, be capable of being moved into a van and transported to
different points of need. The Company will be reviewing its capital
requirements to allocate our share of funds to complete this project and we
are also in discussions with potential additional partners to help bring this
project to commerciality.

 

 

Proposed Company name change

The Board is committed to and has reset the Company's objectives and business
plan to build on the acquisition of the Modern Water business, whilst
continuing to leverage the pre-invested technology of Microsaic and to align
priorities with commercial opportunities. Two new operating wholly-owned UK
trading subsidiary companies have been set up to maintain the brand names,
technologies and services of the combined Microsaic Systems' and Modern Water
businesses. Given the evolving scope and plans for wider business development
at the plc level, the Board will be recommending to shareholders at the
forthcoming AGM (date to be announced) to vote in favour of a change of name
of the AIM-quoted parent company from Microsaic Systems plc to Metir plc.
The proposed new name is a derivation from the Latin word to 'measure' and is
consistent with the Group's vision for growth building on its toxic water
detection technologies. Relevant rights have already been reserved for the
name, websites and branding. Further announcements will be made in due course
relating to the planned name change.

 

Bob Moore, Acting Executive Chairman of Microsaic, commented:

 

"We are delighted to have reached agreement with Aptamer Group plc to
manufacture new Optimers® and co-operate on the final development of our
multi-Pathogen Detector which was a project initially developed by the
Company. A device capable of  multi-pathogen rapid detection capability is an
acute need for online and fast response water testing and safety measures. We
look forward to working with our partners to implement our wider objectives of
growth and business development, to complete targeted projects to build value
both for investors and our partners."

 

 

 Microsaic Systems plc                           +44 (0) 20 3657 0050

 Bob Moore, Acting Executive Chairman            via TPI

 Singer Capital Markets (Nominated Adviser)      +44 (0)20 7496 3000

 Aubrey Powell / Oliver Platts

 Turner Pope Investments (TPI) Limited (Broker)  +44 (0) 20 3657 0050

 Andy Thacker / James Pope

 

About Microsaic Systems and Modern Water

Microsaic is highly experienced in microelectronics and development of
instrumentation. Having acquired the Modern Water business it has reset,
diversified and widened its capabilities into broader based analytical
equipment supply and services company with combined technologies resulting in
comprehensive water testing capabilities. The Company has an extensive
existing and newly acquired innovative patent portfolio in industry-leading
technology designed and developed for "Industry 4.0" application serving
markets in diversified Industries, Human and Environmental Health. Microsaic's
micro-mass spectrometer system and Modern Water water testing solutions
enables analytical detection and characterisation at the point-of-need,
whether within a mobile testing capability, 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFJMTTMTMBTBI