TIDMMSYS
RNS Number : 2589T
Microsaic Systems plc
24 March 2021
24 March 2021
Microsaic Systems plc
("Microsaic" or "Company")
Microsaic and DeepVerge plc sign three-year Technology and
Commercial Agreement
Integrated "Lab to Sample" laboratory and "Point of Care"
diagnostic tests
to transform healthcare and environmental health.
Microsaic , ( AIM: MSYS) the micro-engineering, miniaturised
chip-based mass spectrometry ("MS") developer for point-of-need
analytical detection, announces that, further to its announcement
on 15 February 2021, it has signed a multi-year, full technical and
commercial agreement (the "Agreement") with DeepVerge plc's (AIM:
DVRG, "DeepVerge") subsidiary, Innovenn UK Limited.
Summary of the Agreement
-- Framework agreement for an initial term of three years.
-- Microsaic will supply regulatory approved, CE mark,
miniaturised mass spectrometry ("MS") equipment and services on a
non-exclusive basis across DeepVerge's global sales, marketing and
distribution channels, delivering portable solutions for healthcare
diagnostic evaluation and environmental contamination detection of
samples.
-- Initial order by DeepVerge for three units with a total value
of GBP100,000, plus a commitment of up to GBP150,000 (together, the
"Orders") from DeepVerge for equipment and services to be installed
at pilot facilities in DeepVerge's laboratories based in York.
-- Microsaic will generate a margin on any future unit sales to
DeepVerge, which DeepVerge will distribute to its underlying
customers. The Directors confirm these terms are comparable to
other distribution agreements the Company currently has in
place.
-- Current intellectual property will reside with each of
Microsaic and DeepVerge, with any jointly developed intellectual
property to be owned in equal share.
Collaboration with DeepVerge's technology
Healthcare diagnostic applications
DeepVerge will introduce Artificial Intelligence ("AI") data
analytics to Microsaic's existing MS data capture capabilities to
fast track the MicrotoxBT breathalyser, currently used for
detecting the Spike Protein of the COVID-19 virus, SARS-CoV-2, to
being able to deliver a "Point of Care" diagnostic solution at the
GP's clinic. With biomarker binding agents capable of detecting up
to 40 diseases on the human breath, many of which include types of
cancer, neurodegenerative, respiratory and metabolic conditions, it
has the potential to enable swift referral for serious conditions
and at the same time reduce unnecessary doctor-to-hospital
referrals and needless over-prescription of antibiotics,
significantly lowering healthcare costs.
In addition, automated monitoring of remote "Lab to Sample"
environmental health data creates a virtual laboratory at the site
of detection in diversified chemical, bio chem ical, biofuel,
biodegradable plastic, biologics, and waste-water treatment
industries .
Environmental contamination detection
As announced in February, Microsaic has joined the ecowaterOS
Consortium, an end-to-end water contamination detection and
decontamination solutions provider network, for real-time
monitoring and detection of contaminated water. Developed by the
Rinocloud division of Deepverge, this is a consortium of partners
operating a live dynamic water management system that supports the
delivery of safe clear water from rivers to wastewater treatment
plants, using AI to provide instant alerts from remote sensors
direct to stakeholders.
In other collaborations, Microsaic and DeepVerge will:
-- augment the Modern Water (a division of DeepVerge plc) front
line water analysis portfolio by adding a new portable real-time
sewage monitoring capability, particularly for monitoring
"organics" such as drugs of abuse and active pharmaceutical
ingredients ("APIs").
-- collaborate on the detection of proteins and "bad actors",
using Labskin's ground-breaking protein capture technology, and
Microsaic's MS technology, which is ideally suited to bring the
power of Mass Spectrometry to front line screening in Human and
Environmental Health. To speed collaboration, Microsaic will be
co-locating its science and applications capabilities within the
enlarged 9,000 square foot Labskin facility in York, England.
Glenn Tracey, CEO of Microsaic, commented:
"Over 20 years, Microsaic has built the miniaturisation of
microchip-based equipment, designed for point-of-need detection.
This Agreement with DeepVerge brings Microsaic a direct route to
established distribution channel partners, so that we can deepen
our global access, where together, our vision is to solve
real-world problems humanity is facing. Additionally, the
collaborations represent a turning point in front line detection in
a number of new application areas, which have remained unchallenged
by today's MS technologies, and which gives rise to first mover
advantage in these markets which we believe have a high demand for
such solutions."
Gerard Brandon, CEO of DeepVerge plc (and ecowaterOS member) and
Chair of Microsaic commented:
"The collaboration, cooperation and teamwork across both
companies over the last two months has been incredible and has
already contributed to cost reductions for both companies by hiring
complementary new hires, removing duplication and increasing the
revenue per client opportunities with new services from equipment
that Microsaic already has approved for use. The combined result
enables Labskin scientists to fully automate production of bacteria
reagents and the Modern Water division can immediately add remote
higher quality analysis for clients, eliminating the need for
transportation of samples back to laboratories. We have an exciting
three years ahead for both companies."
Longer term initiatives
Longer term, Microsaic will continue to expand the
collaboration, cooperation and partnership model with several
industry partners across a range of applications in diagnostics,
therapeutic drug monitoring, food analysis, nutraceuticals, and
extending cannabinoid testing for the rapidly expanding cannabis
industry.
Microsaic's technology has a very small footprint, very low
maintenance and is specifically designed for front line use. Under
this Agreement, Microsaic and DeepVerge will combine
micro-engineering, software and AI based data analytics to offer
automated "Internet of Things" ("IoT") analytical solutions to
drive important decisions at manufacturing industry "Point of Need"
and help GP clinic doctors make a faster diagnosis at "Point of
Care".
Related party transaction
The Agreement and the Orders constitute a related party
transaction for the Company under Rule 13 of the AIM Rules for
Companies, by virtue of Microsaic and DeepVerge having two
directors in common. The Independent Directors, being Glenn Tracey
and Bevan Metcalf, consider, having consulted with the Company's
nominated adviser, that the terms of the Agreement and the Orders,
are fair and reasonable insofar as the Company's shareholders are
concerned.
Gerard Brandon and Nigel Burton, Non-executive Chairman and
Non-executive Director respectively, are both directors of
DeepVerge and have abstained from participating in the
consideration of and entry into the Agreement by Microsaic.
Microsaic Systems Glenn Tracey, CEO +44 (0) 1483
plc Bevan Metcalf, FD 751 577
N+1 Singer Aubrey Powell / George Tzimas
(Nominated Adviser / +44 (0) 20 7496
& Joint Broker) Tom Salvesen 3000
Turner Pope Investments
(TPI) Limited (Joint +44 (0) 20 3657
Broker) Andy Thacker / Zoe Alexander 0050
About Microsaic (www.microsaic.com)
Microsaic floated on AIM in 2011 to develop and commercialise
micro-engineering chip-based mass spectrometry equipment. Having
invested c. GBP30m over 20 years of development, Microsaic has a
robust and innovative patent portfolio in cutting-edge technology
designed and developed for "Industry 4.0" application. Microsaic
serves markets in Human Health, Environmental Health and
Diversified Industries. Microsaic's system solutions enable
analytical detection and characterisation at the point-of-need,
whether within a conventional laboratory setting, or within a
bioprocessing facility for continuous MS detection data at multiple
steps 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.
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments and the data they generate, for the analysis
and identification of bacteria, virus and toxins. DeepVerge is
utilising AI data analytics to prove scientifically the impact of
skincare product claims on the skin microbiome for clients
including most of the top 20 global cosmetic companies and to
detect remotely, and identify in real-time, dangerous pathogens in
wastewater treatment plants, drinking water, rivers, lakes and
reservoirs.
, 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 or visit 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.
AGRDKNBBBBKBBNB
(END) Dow Jones Newswires
March 24, 2021 03:00 ET (07:00 GMT)
Microsaic Systems (LSE:MSYS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Microsaic Systems (LSE:MSYS)
Historical Stock Chart
From Apr 2023 to Apr 2024