Microsaic Systems plc Heads of Terms signed for Chinese market (3192X)

TIDMMSYS

RNS Number : 3192X

Microsaic Systems plc

04 May 2021

04 May 2021

Microsaic Systems plc

("Microsaic" or the "Company")

Microsaic signs Heads of Terms for patient-centric diagnostics with partner for Chinese market

China based production of Microsaic equipment to commence in 2021

for medical licence expected 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 Chinese partner (the "Partner"). The HoT describe the in-principle agreement for the parties to collaborate to supply and market Microsaic's micro-engineered MS technology for use within a point of care medical device monitoring system for hospital diagnostics in the Chinese market.

Under the HoT, the first application will be in monitoring psychiatric therapeutics, with further monitoring applications to follow. Subject to completion of a final agreement with the Partner, Microsaic expects to generate two streams of revenue, from both the initial sale of monitoring systems and the subsequent recurring revenue-share from the supply of reagents and consumables used for monitoring.

Both parties will negotiate and agree the terms of the proposed assembly and sale of the monitoring equipment. The Company anticipates it will secure the requisite medical device licence in 2022, although Microsaic's technology is expected to have production capability in China later this year, which will be in support of product testing and validation for regulatory approval.

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:

"The proposed agreement clearly represents a significant opportunity for us to demonstrate our commitment and capacity to position our point-of-need technology in a broader range of key verticals, such as human health. Microsaic is specifically targeting screening and monitoring across a range of markets and current equipment is already established, thus enabling further opportunities in future patient-centric diagnostics.

" Our objectives are to further the future development of smart medical devices, sample-to-result platforms, equipment/devices and network management software capability .

"We look forward to providing the market with further details on the completed agreement in due course. "

(1) China Hospital Industry Report, 2019-2025

 
 Enquiries: 
 Microsaic Systems plc 
  Glenn Tracey, CEO - Bevan Metcalf, 
  FD                                          [phone] 
 N+1 Singer (Nominated Adviser & Joint 
  Broker)                                     [phone] 
 Aubrey Powell / George Tzimas (Corporate 
  Finance) 
 Tom Salvesen (Corporate Broking) 
 
 Turner Pope Investments (TPI) Limited 
  (Broker) 
  Andy Thacker / Zoe Alexander               [phone] 
 
 

About Microsaic (www.microsaic.com)

Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested GBP30m 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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May 04, 2021 02:01 ET (06:01 GMT)