Microsaic Systems – signs amended agreement with Global Partner
Microsaic Systems plc (AIM: MSYS), the developer of chip-based mass spectrometry instruments, announces that it has signed an amendment to its Research Collaboration Agreement with a long standing global partner. The amended agreement is a precursor to future collaboration in the area of bio-processing.
Interim Chairman, Eric Yeatman commented:
“We are delighted to sign this agreement with one of the foremost players in the global market for scientific instrumentation, which is in line with the Company’s strategy to focus on application areas in biopharma.”
About Microsaic Systems
Microsaic Systems plc is a high technology company developing chip-based, bench-top mass spectrometry (“MS”) instruments that are designed to improve the efficiency of Pharma R&D. MS is an analytical technique of choice for biochemists across many industry sectors.
Microsaic aims to bring routine MS analysis to the pharmaceutical scientist, providing powerful methods of analysis to enable earlier decision making relating to product identification, purity and bioactivity.
The Company is working with established global companies in preparative and purification science with expertise in Pharma and life sciences to co-develop new, integrated and optimised, applicationspecific, solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines.
The Microsaic 4000 MiD®, single quadrupole, is the world’s smallest MS system, retaining the functionality of larger conventional MS systems, is easier to use by non-specialists, consumes less energy and has lower running costs. The Company is also developing new MS systems, based on its patented chip technologies, to address further areas of emerging need in Pharma R&D. Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in 2011 (ticker: MSYS)
Xeros Technology Group plc – Expands partnership agreements, entering the Australian commercial laundry market
Xeros Technology Group plc (AIM: XSG, ‘Xeros’), the developer and provider of patented polymer based systems with multiple commercial applications, has entered into a Forward Channel Partner (‘FCP’) agreement to expand its geographic presence into Australia. The agreement demonstrates the rapidly growing acceptance and demand beyond the US and UK Commercial Laundry markets for the sustainability, performance and economic benefits Xeros’ technology delivers.
Xeros’ expansion into Australia has been achieved by adding to its FCP programme through an agreement with Richard Jay Pty Ltd, Australia’s largest importers, distributors and service providers of commercial and industrial laundry machinery. With its national coverage, Richard Jay Pty Ltd will facilitate the delivery of Xeros’ cleaning solutions into the Australian states where severe drought conditions are driving demand for ecologically sustainable solutions.
Xeros’ FCP programme is creating a broad sales network of approved partners who then also deliver lifetime services and consumables to customers under its proprietary Sbeadycare™ programme.
Mark Nichols, Chief Executive of Xeros, said: “This agreement again demonstrates the success and value of our Forward Channel Partners programme, creating a scalable sales and service network that is allowing us to accelerate our growth into new geographic markets.”
Enquiries:
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Xeros Technology Group plc |
Tel: 0114 321 6328
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Jefferies International Limited(Nominated Adviser and Joint Broker) |
Tel: 020 7029 8000 |
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Berenberg (Joint Broker) |
Tel: 020 3207 7800 |
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Instinctif Partners |
Tel: 020 7457 2020 |
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology company that is reinventing water intensive industrial and commercial processes by reducing water and chemistry usage with its polymer technologies. Its patented technologies have the capacity to provide material economic, operational and sustainability improvements that are unattainable with traditional processes. The Group is currently exploiting its intellectual property in three areas: Cleaning Technologies, Tanning Technologies and Textile Technologies. Xeros has a number of agreements in place with such international organisations as BASF, Hilton and Wollsdorf Leder.
For more information, please visit – http://www.xeroscleaning.com/
NuNano – University of Bristol Enterprise Fund I investment
We are delighted to announce that the University of Bristol Enterprise Fund I, managed by Parkwalk, has invested in NuNano.
NuNano specialise in the design of cantilever-based sensor devices and probes for atomic force microscopy. Microcantilevers are the simplest form of microelectromechanical systems (MEMS), which have come to prominence in the last decade or so. The basic technology employed measures a change in the bending or the vibrational frequency of the cantilever caused by a disproportionate reaction with one side of the cantilever. This reaction may be chemical or biological, physical or electrical and it can be monitored to levels beyond the ability of optical components to measure, for example by utilising the piezoelectric effect.
Atomic-force microscopy (AFM) is a very high resolution process, with results 1000 times better than the limits of optical diffraction, that utilises cantilever-based sensors with sharp tips. They are typically used to measure and image the topographical surface of an object, to measure electrostatic or capillary forces, conductivity and other properties or to manipulate objects on an atomic scale.
Bibliotech – University of Oxford Innovation Fund III investment
We are delighted to announce that the University of Oxford Innovation Fund III has invested in Bibliotech Education Limited alongside Oxford Sciences Innovation.
Bibliotech provides online textbook content for students and is building a large dataset of their study habits: a ‘Spotify’ for textbooks, providing students all the books they need, at any time on any device for a small monthly fee
Ilika plc – Toyota Research Institute brings artificial intelligence to the hunt for new materials with Ilika
Ilika (AIM: IKA), a pioneer in materials innovation and solid-state battery technology, announces that Toyota Research Institute (TRI) has released further information relating to the collaboration Ilika announced on 9th March 2017.
The TRI announcement issued at 13:00 hrs UK time today reads as follows: “The Toyota Research Institute (TRI) will collaborate with research entities, universities and companies on materials science research, investing approximately $35 million over the next four years in research that uses artificial intelligence to help accelerate the design and discovery of advanced materials. Initially, the program will aim to help revolutionize materials science and identify new advanced battery materials and fuel cell catalysts that can power future zero-emissions and carbon-neutral vehicles.
“Toyota recognizes that artificial intelligence is a vital basic technology that can be leveraged across a range of industries, and we are proud to use it to expand the boundaries of materials science,” said TRI Chief Science Officer Eric Krotkov. “Accelerating the pace of materials discovery will help lay the groundwork for the future of clean energy and bring us even closer to achieving Toyota’s vision of reducing global average new-vehicle CO2 emissions by 90 percent by 2050.”
Initial research projects include collaborations with Stanford University, the Massachusetts Institute of Technology, the University of Michigan, the State University of New York at Buffalo, the University of Connecticut, and the U.K.-based materials science company Ilika. TRI is also in ongoing discussions with additional research partners.
“This represents a fantastic opportunity to drastically advance the use of databases and machine learning methods in materials discovery.” Said Jens Norskov, Professor at Stanford University and director of the SUNCAT center. “The partnership combines theory, computation and experiment in an unprecedented, concerted effort. We are particularly excited by prospects for an avant-garde approach to catalyst development for fuel cells.”
Research will merge advanced computational materials modeling, new sources of experimental data, machine learning and artificial intelligence in an effort to reduce the time scale for new materials development from a period that has historically been measured in decades. Research programs will follow parallel paths, working to identify new materials for use in future energy systems as well as to develop tools and processes that can accelerate the design and development of new materials more broadly.
In support of these goals, TRI will partner on projects focused on areas including:
· The development of new models and materials for batteries and fuel cells;
· Broader programs to pursue novel uses of machine learning, artificial intelligence and materials informatics approaches for the design and development new materials; and,
· New automated materials discovery systems that integrate simulation, machine learning, artificial intelligence and/or robotics.
Accelerating materials science discovery represents one of four core focus areas for TRI, which was launched in 2015 with mandates to also enhance auto safety with automated technologies, increase access to mobility for those who otherwise cannot drive and help translate outdoor mobility technology into products for indoor mobility.
About Toyota Research Institute
Toyota Research Institute is a wholly owned subsidiary of Toyota Motor North America under the direction of Dr. Gill Pratt. The company, established in 2015, aims to strengthen Toyota’s research structure and has four initial mandates: 1) enhance the safety of automobiles, 2) increase access to cars to those who otherwise cannot drive, 3) translate Toyota’s expertise in creating products for outdoor mobility into products for indoor mobility, and 4) accelerate scientific discovery by applying techniques from artificial intelligence and machine learning. TRI is based in the United States, with offices in Los Altos, CA, Cambridge, MA, and Ann Arbor, MI. For more information about TRI, please visit www.tri.global.”
For more information contact:
| Ilika plc | www.ilika.com | ||
| Graeme Purdy, Chief Executive | Tel: 023 8011 1400 | ||
| Steve Boydell, Finance Director |
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| Toyota Research Institute |
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| John Hanson, Director, Communications & Public Affairs | Tel: +1.657.331.1291 | ||
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Toyota Motor Sales, USA, Inc |
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| Brian R. Lyons, Senior Manager-Advanced Technology Communications | Tel: +1.310.468.2552 | ||
| Numis Securities Limited | Tel: 020 7260 1000 | ||
| Oliver Cardigan/ Paul Gillam (Corporate Adviser) |
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| James Black/ Michael Burke (Corporate Broking) |
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| Walbrook PR Ltd |
Tel: 020 7933 8780 /ilika@walbrookpr.com |
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| Paul Cornelius | Mob: 07866 384 707 | ||
| Lianne Cawthorne | Mob: 07584 391 303 | ||
Bodle Technologies – Parkwalk closes follow-on investment
We are delighted to announce that the Parkwalk Opportunities fund has completed an investment in Bodle Technologies Limited, following a previous investment by the University of Oxford Innovation Fund .
Bodle have developed a novel, smart material for use in low-energy high-resolution displays and glazing. Bodle’s display device offerings offer high flexibility, ultra-high resolution, and very low energy consumption, making a highly attractive proposition for the global display market.
The invention, by a team led by Professor Harish Bhaskaran and his postdoctoral researcher Peiman Hosseini at the University’s Department of Materials, attracted attention from industry following the publication of a paper in Nature in 2014. The BBC highlighted the technology.
The funding round was led by Oxford Sciences Innovation, the investment company established to provide capital and scaling expertise to Oxford spin-outs.
Fuel 3D – Parkwalk closes follow-on investment
We have recently closed an investment in Fuel 3D for the Parkwalk Opportunities EIS Fund and a Parkwalk syndicate.
Fuel 3D offers a 3D scanning system that delivers extremely high quality 3D shape and colour capture for a range of applications. Developed at the University of Oxford, Fuel3D has been developed by an expert team of hardware and software engineers and scientists. The technology has been developed for the broader 3D market, with the goal of bringing the benefits of 3D imaging to global brands, enterprises and start-ups.
Perpetuum article in The Times on remote condition monitoring
Read The Times article on Perpetuum featured in its recent Transportation supplement with interviews with CEO, Steve Turley, and Commercial Director, Justin Southcombe.
Ceres Power – Half Year Results
08 Mar 2017
New partners, new markets and a growing international presence – INCLUDING FIRST PRODUCT LAUNCH PARTNER
Ceres Power Holdings plc (“Ceres Power”, the “Company” or the “Group”) (AIM: CWR.L), a world leading developer of low cost, next generation fuel cell technology, announces its half-yearly results for the six months ended 31 December 2016.
Highlights
· New commercial partners including first ‘go-to-market’ agreement:
o Two new development agreements signed in the period, bringing total to four including with Honda, Nissan, Cummins and a further global OEM
o First ‘go-to-market’ agreement signed with global OEM to develop and launch highly efficient combined heat and power (“CHP”) product for business markets
· Strong revenue and pipeline: Revenue and other operating income for first half year tripled to £1.5 million (FH1 2016: £0.5m). Aiming for full year to at least double. Order book of £4.8 million as at 31 December 2016 and 3 new evaluation agreements underway with potential future partners.
· First significant US commercial success with global power leader Cummins & the US Department of Energy to develop an energy system for Data Centre and commercial scale applications
· New market opportunities enabled by rapid progress in SteelCell™ technology. The improvements in efficiency, robustness and power density have opened up new high growth power markets in commercial/business sectors
· Successful fundraise: £20m placing enables continued investment in business and technology
Financial Highlights:
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Six months ended 31 December 2016 (unaudited) |
Six months ended 31 December 2015 (unaudited) |
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£’000 |
£’000 |
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Total revenue and other operating income, comprising: |
1,551 |
453 |
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Revenue 1 |
1,026 |
235 |
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Other operating income |
525 |
218 |
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Operating loss |
(6,242) |
(6,235) |
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Equity free cash flow 2 |
(4,176) |
(5,431) |
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Net cash and short term investments |
22,174 |
12,753 |
1 2016 revenue includes the release of £0.4 million of deferred revenue in respect of contracted work completed for British Gas (2015: £0.1m)
2 Equity free cash outflow (EFCF) is the net change in cash and cash equivalents in the year (£0.2 million) less net cash generated from financing activities (£19.4 million) plus the movement in short term investments (-£15.0 million)
Phil Caldwell, CEO of Ceres Power said: “Ceres Power is on track for an excellent year, driven by new commercial partnerships, the rapid progress of our technology and our first ‘go-to market’ agreement bringing us closer to a first product launch. We said we would sign five partners by the end of 2017 and with four to date we are on track to do just that, plus we have three new evaluation agreements and a strong pipeline with a series of international prospective partners.
With a forward order book of £4.8 million and a successful fundraising secured, we are in a strong position to capitalise on significant market opportunities. As the world wrestles with the growing challenge of a decarbonising and decentralising energy system, our proven SteelCell™ technology, and our work with global power specialists, shows Ceres Power is capable of providing a cheaper, cleaner, distributed alternative to centralised power generation.”
For further information please contact:
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Ceres Power Holdings plc |
+44 (0)1403 273 463 |
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Zeus Capital (Nominated Adviser and Broker) |
+44 (0) 20 3829 5000 |
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Powerscourt |
+44 (0) 20 7250 1446 |
About Ceres Power
Ceres Power is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell™ technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres Power offer its partners the opportunity to develop power systems and products using its unique SteelCell technology and know-how, combined with the opportunity to supply the SteelCell™ in volume through its manufacturing partners. For further information please visit: http://www.cerespower.com/
Chief Executive’s statement
Ceres Power is well positioned to continue to execute its strategy as an enabling technology provider for the world’s leading power systems companies. The SteelCell™ technology and the Company’s expertise have a growing, global reputation and we are on target for an extremely successful year.
The market opportunity – enabling a decarbonised and decentralised energy system
· Climate change and the need for clean air, reinforced by the Paris COP21 agreement and leading global corporates, is maintaining the momentum towards cleaner distributed power generation
· The inexorable growth of the Electric Vehicle and Data Centre sectors will increase the demand for electricity and, coupled with increasing wind and solar generation, will destabilise the centralised power generation model
· Advancements in Ceres Power’s SteelCell™ technology have opened up sector opportunities beyond Residential to include the fast-growing Data Centre, Electric Vehicle and Business sectors
· SteelCell™ is a significantly superior alternative to conventional gas and diesel engines as it produces close to zero SOx and NOx emissions at a higher efficiency
We are working towards a vision of embedding our cutting-edge SteelCell™ technology into world-leading products within the Home, Business, Data Centre and Electric Vehicle markets. Ceres Power has traditionally been focussed on micro-CHP in the Residential market, however significant progress has enabled SteelCell™ to rapidly establish itself as a leader in markets where higher power output is required, significantly expanding the business opportunity.
The majority of our customer demand is now for larger power systems than our residential scale product offering, and to proportionately address these high value markets, we have started developing larger cells and stacks.
With a strong start to 2017, the Company is ready to capitalise commercially by securing more key partners, as well as progressing our existing relationships.
Commercial Progress
· First ‘go-to-market’ agreement signed to develop and launch a highly efficient Combined Heat and Power product to target the business sector
· First significant US success with agreement to develop a power system for data centres and commercial scale applications
· Field trials progressing well as part of the EU-funded ene.field programme
In the Autumn, Ceres Power announced its key development role in a recently selected US Department of Energy programme which was awarded to global power leader, Cummins Inc. Together, Ceres Power and Cummins will work closely to develop a power system targeting high electrical efficiency of 60% and scalable to meet multiple distributed power applications. The initial target application will be the fast-growing Data Centre market, this power system will be applicable to other commercial scale uses.
Before the end of 2016, Ceres Power announced a joint development licence agreement to develop and launch a multi-kW CHP product its SteelCell™ technology with a leading global OEM. This is Ceres Power’s fourth partnership signed and most notably its first ‘go-to-market’ agreement with the explicit intention of developing and launching a product to the business sector on an ambitious schedule. This is a highly significant step.
Furthermore, field trials, as part of the EU-funded ene.field programme in UK homes, demonstrate the growing maturity of this technology and underpin the reputation of the SteelCell™ with our OEM customers.
As a result of this commercial progress, our order book has increased to £4.8m as of 31 December 2016.
Rapid technological progress highlights Ceres Power expertise
With a well-established R&D roadmap, real progress with the performance of the technology continues to be made. The most recent milestone saw the latest iteration of the SteelCell™ platform (version 4) released to customers on time and budget, reinforcing the Company’s reputation for successfully executing against its technology timelines.
Higher power density and fast start-up timescales have been proven, making the SteelCell™ increasingly commercially attractive in a growing number of markets. The technology is well-suited as a range extender for the Electric Vehicle market and the net electrical efficiencies now being delivered see Ceres Power developing solutions for the Data Centre market.
The core technology is increasingly applicable to customers that require a higher power output and we are now increasing cell size and optimising stack design to meet their requirements.
Adding operational capability to position ourselves for commercialization
We have seen a significant increase in customer demand for the SteelCell™ technology over the past 6 months, particularly for high power applications. This increased demand for our existing SteelCell™ technology combined with the development of larger cells and stacks for new applications has led to the need for further investment in our manufacturing and test capability.
In the near term, additional demand is being met by increasing manufacturing capacity in Horsham through the addition of a 3rd shift pattern along with bringing through improvements to key process steps. Beyond this, we are beginning to explore a number of options for further manufacturing scale-up.
Financial progress
As highlighted above, the multiple customer programmes won in the past 12 months are driving our revenues forward. Compared to the same period last year, we have tripled revenue and other operating income to £1.5 million. We expect this uplift to continue into the full year, where we aim to at least double our revenue and other operating income. It is encouraging that this is being achieved across a growing portfolio of customer programmes.
Our equity free cash outflow of £4.2 million in the period was less than the prior period (£5.4m), mostly due to the Group receiving its R&D tax credit of £2.2m in full (prior period received £0.8m, part of the R&D tax credit, in the period). Even though we are investing in people and in making the technology more suitable for customers that require a higher power output, as we highlighted in last year’s annual report, we expect both our operating loss and our equity free cash outflow for the full year to decrease from the prior year.
We were very pleased with our £20m fundraise in the period, especially given the uncertain economic conditions in the last 6 months. At 31 December 2016, the Group had cash and cash equivalents of over £22 million and this financial strength, at a key stage for the Company as we negotiate long term partnerships with a number of the world’s leading companies, gives us the runway to further embed our SteelCell™ in customer development and ‘go-to-market’ programmes.
Outlook
Our vision is to embed our cutting-edge SteelCell™ technology into world-leading products within the Home, Business, Data Centre and Electric Vehicle markets.
The leadership team committed itself to signing five global engineering companies as customers in joint development agreements by the end of 2017 and being in two launch programmes with OEM partners by the end of 2018. With four joint development agreements and one launch programme already signed, Ceres Power is ahead of its stated schedule. We expect to secure further commercial partners in due course and to make further progress with our existing partners.
We anticipate that the commercial progress we are making will further drive revenues in the second half of FY 2016/17 and into FY 2017/18.
Ceres Power has a committed, experienced team and we would like to offer our thanks for their continued efforts which we believe will translate into even greater commercial progress over the next 12 months.
Philip Caldwell
Chief Executive Officer
Boxarr catches Bloomberg’s eye
“BOXARR is exactly the kind of brainy exporter that U.K. politicians of all stripes say they want to encourage.”
Image courtesy of Bloomberg,com
BOXARR is one of four companies that Bloomberg will follow throughout the two-year BREXIT process, during which the U.K. will depart the EU and define a new relationship with its most important trading partners.
Sphere Medical – Results for the year ended 31 December 2016
Sphere Medical Holding plc (AIM: SPHR.L), an innovative point-of-care monitoring and diagnostic devices company, announces its results for the year ended 31 December 2016.
Business highlights for 2016 and post year-end
· Successful commercial launch of Proxima 4 in mid-December 2016 in Europe with encouraging early market reaction
· First sales of Proxima 4 achieved
· Over 20 hospitals have requested evaluations of Proxima 4
· 4 hospitals have monitored patients with Proxima 4
· First paediatric patients monitored
· Key Proxima 4 milestones met:
· CE mark certification completed
· Distribution partners appointed in Italy and Spain
· >20% reduction in time to results demonstrated by University Hospital Southampton clinical study
· Improved connectivity between Proxima and hospital data management systems
· New production facilities established and operational in Wales
Financial summary
· Reduced loss after taxation £4.5 million (2015: £5.5 million)
· Reduced loss per share 3.2 pence (2015: 4.8 pence)
· Operating expenses contained below budget
· Total operating expenses reduced to £5.1 million (2015: £6.1 million)
· Product development costs capitalised £2.1 million (2015: £0.9 million)
· Revenue doubled to £30,000 (2015: £15,000)
· R&D tax credit received £0.6 million (2015: £0.6 million)
· Cash and short-term investments at year end of £3.2 million (2015: £10.0 million)
· Additional £3.0 million loan facility secured post year end
· £1.5 million cash drawn in January 2017
· £1.5 million conditionally available to draw until March 2018
Commenting on today’s announcement, Dr Wolfgang Rencken, Chief Executive Officer of Sphere Medical, said: “We are pleased to have launched Proxima 4 and are very encouraged by the early market reaction to it. As we build a growing customer base, who routinely use Proxima, more patients will be able to benefit from being managed with the system. We continue to advance distributor negotiations to expand Proxima 4’s commercial launch with the aim to make it available to a wider patient population across Europe.“
For further information, please contact:
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Sphere Medical Holding plc |
Tel: +44 (0)1223 875 222 |
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Dr Wolfgang Rencken, Chief Executive Officer |
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Richard Wright, Chief Financial Officer |
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Panmure Gordon |
Tel: +44 (0) 20 7886 2500 |
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Freddy Crossley (Corporate Finance) |
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Duncan Monteith (Corporate Finance) Tom Salvesen (Corporate Broking) |
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Consilium Strategic Communications |
Tel: +44 (0) 20 3709 5700 |
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Mary-Jane Elliott |
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Ivar Milligan |
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Hendrik Thys |
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Parkwalk closes PhoreMost follow-on investment
We are pleased to announce that Parkwalk has made an investment in Phoremost, a Cambridge University spinout, as part of a Series ‘B’ round of equity funding, alongside Amadeus Capital Partners and the University. Phoremost’s mission is to accelerate, diversify and rationalise drug discovery.
PhoreMost has developed a next-generation phenotypic screening platform called ‘SiteSeeker’ to identify the best new targets for future therapy, and crucially, how to drug them. This has the potential to significantly increase the diversity of novel therapeutics for cancer and other unmet diseases, where treatment options are currently severely limited.