Microsaic Systems PLC, a Surrey-based company specializing in real-time mass spectrometry, has successfully raised £2.1 million. This substantial funding was garnered through the issuance of 169.0 million new shares to both new and longstanding investors. Each share was priced at a modest 1.25 pence.
The Strategic Use of Raised Capital
The primary purpose of this capital influx is twofold. Firstly, it will facilitate the completion of a significant acquisition – the procurement of assets from Modern Water, a part of DeepVerge PLC, and Innovenn PLC. This deal, which amounts to a sum of up to £100,000, was initially announced last Friday. Secondly, the funds are earmarked for reigniting operations and integrating these newly acquired assets. Additionally, a portion of the raised capital will be allocated as general working capital, further fueling the growth and expansion of Microsaic Systems post-acquisition.
Executive Insights and Future Plans
As the Executive Chair, Bob Moore expressed his gratitude towards existing shareholders and new investors for their unwavering support in the company’s refinancing and expansion strategies. Moore highlighted the company’s continued presence on the AIM (Alternative Investment Market) and the securement of adequate funds. These funds are crucial not only for the completion of the acquisition but also for investing in the development of the enlarged Microsaic business entity.
Moore emphasized the compatibility of the newly acquired assets with Microsaic’s existing business model. A key initiative following the acquisition is the resumption of Microtox bioreagents production, pivotal for water testing. The company anticipates a swift return to positive cash flow from these new operations, with an eye on leveraging potential growth opportunities and synergies in the future.
Under Moore’s leadership, Microsaic Systems has streamlined its operations, significantly reducing its cost base. This strategic move towards a leaner, more efficient business model is expected to bolster the company’s financial health and operational efficacy in the long run.
