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
Bob Moore, Acting Executive
Chairman
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+44 (0) 20 3657
0050
via
TPI
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Singer Capital Markets (Nominated Adviser)
Aubrey Powell / Oliver
Platts
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+44 (0)20 7496
3000
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Turner Pope Investments (TPI) Limited
(Broker)
Andy Thacker / James Pope
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+44 (0) 20 3657
0050
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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.