Microsaic

Microsaic: interim results: Revenues up 100%

Microsaic Systems plc (AIM: MSYS), the developer of chip-based scientific instruments, announces its interim results for the six months ended 30 June 2013 and an update on trading since the period end.

Highlights

·      Launch of the Microsaic 4000 MiD^® miniature mass spectrometer at Pittcon international trade fair

·      Launch of the Isolera™ Dalton by Biotage AB, the first OEM product containing 4000 MiD^®

·      Signing of OEM agreement for the sale of the 4000 MiD^® as a stand-alone instrument

Financial Summary (unaudited)

·      Revenues up 100% to £541,529 for first half 2013 (£269,992 for same period in 2012) as product sales grow

·      Cash and cash equivalents of £4.8m at 30 June 2013 compared to £1.8m at 31 December 2012

·      Loss for period of £1,040,579 (£789,832 in first half 2012).  Excluding the distorting effects of accounting for share options, the 2013 first half loss was £1,003,462 compared to £962,299 in 2012.

·      Placing of 9,951,443 ordinary shares raising £4.28m before costs

Colin Jump, Chief Executive of Microsaic Systems plc, commented:

“We have continued to make good progress across all areas of our business in the first half of 2013 and have established a solid platform from which to continue to execute our strategy. The launches of the 4000 MiD^®and of the Isolera™ Dalton represented important milestones and the market reaction to both has been positive. This growing traction, and the progress we are making in discussions with potential partners and customers, confirm to the Board that there is significant demand for our products across multiple application areas and formats. We are well positioned to meet this demand and create value for our shareholders.”