Microsaic Systems plc
("Microsaic" or the "Company")
Microsaic Systems Signs OEM Supply Agreement with GE Healthcare
16 March 2015: Microsaic Systems plc (AIM: MSYS), the high technology company developing next generation mass spectrometry (MS) instruments, is pleased to announce it has signed an OEM (original equipment manufacturer) supply agreement with GE Healthcare, for the sale of its 4000 MiD® unit in combination with GE Healthcare's instruments. The agreement, which is the culmination of work done under a previously announced 'pre-commercial agreement' (14 April 2014), is centred on the development and commercialisation of an innovative new analytical instrument for use in research and healthcare applications. The two companies are working towards the commercial launch of the integrated product, expected in 2016. Forecast contract volumes are in line with the announcement made on 14 April 2014. The first year of the contract will be extended to the period between the commencement of the contract and 31 December 2016.
Colin Jump, Chief Executive of Microsaic Systems, commenting on the agreement, said:
"We are delighted to sign this agreement with GE Healthcare, one of the foremost players in the global market for scientific instrumentation. Over the last year, teams from both companies have established a close and productive relationship and together we are focused on completing the development of this highly innovative instrument and launching it as soon as possible."
Contacts
Microsaic Systems Colin Jump, CEO Andrew Darby, CFO |
Via Citigate Dewe Rogerson |
Numis Securities Limited Stuart Skinner (Nominated Adviser) James Serjeant (Broker) |
+44 (0)20 7260 1000 |
Citigate Dewe Rogerson (Financial PR) Mark Swallow, Malcolm Robertson, Chris Gardner |
+44 (0)20 7282 2948/2867/2995 |
About Microsaic Systems
Microsaic Systems Microsaic Systems plc is a high technology company developing and marketing next generation mass spectrometry (MS) instruments for the analysis of gaseous, liquid and solid samples. Microsaic has successfully miniaturised mass spectrometry into a desktop instrument by integrating the key MS components onto patented chip technologies (called ionchip®, spraychip® and vac-chip™). Microsaic's MS products retain the speed and sensitivity of larger, conventional MS systems but are substantially smaller, lighter, consume less energy and have lower running costs. The Microsaic 4000 MiD® is the world's smallest MS system.
Mass spectrometry is a 'gold-standard' analytical technique used across many industry sectors, including pharmaceutical, diagnostics and healthcare, government, energy, utilities, environmental, food and drink, security and defence, and industrial chemicals - a combined market of $3.9 billion in 2013. Microsaic aims to introduce compact, deployable MS products, based on its core technology, into a series of these target markets.
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 symbol MSYS.
www.microsaic.com
