Business
AIM Admission
AIM Admission.
About this update from Metir Plc
[{"type":"text","content":"\n \nRNS Number : 6120E Microsaic Systems plc 11 April 2011 \n \n\nMicrosaic Systems plc\n(\"Microsaic\" or the \"Company\")\n \nAdmission to Trading \n \n11 April 2011… Microsaic Systems plc, the developer of miniaturised chip-based scientific instruments, is pleased to announce that admission to trading on AIM will become effective, and dealings in the ordinary shares of the Company will start, at 8.00am today, 11 April 2011, under the ticker symbol \"MSYS\". \n \nThe Admission to AIM follows the Company's successful fund raising, which raised gross proceeds of £4 million by way of an institutional placing of 12,500,000 new shares to institutional investors at 32p per share. On Admission, Microsaic will have a market capitalisation of approximately £12 million.\n \nThe net proceeds of the Placing will be used by the Company to fund capital expenditure, manufacturing, sales and field support and new product development, as well as ongoing working capital requirements.\n \nNumis Securities Limited is Nominated Advisor and Broker to Microsaic.\n \nAlan Finlay, chief executive of Microsaic Systems plc, said:\n \n\"I am very proud of the progress that our team at Microsaic has made over the past ten years. We have developed a first-to-market position with our novel chip-based mass spectrometer detectors, which we believe will enable us to exploit a large market opportunity across multiple sectors. This is a great achievement and I would like to thank everyone involved for their efforts. I believe this new stage of the Company's evolution will herald the continued growth and development of our business and the creation of further value for our shareholders.\"\n \nThe Business\n \nMicrosaic is the first and only company to have successfully miniaturised mass spectrometry (\"MS\") through the development of its patented chip-based technologies (ionchip®, spraychip® and vac-chip®). The Company's first product, the Microsaic 3500 MiD®, was launched in January 2011. It is a desktop MS system that is smaller, lighter, more energy efficient and cheaper to run than legacy MS systems.\n \n· Mass spectrometry is widely accepted as a 'gold-standard' method for identifying chemicals. As a result, this technique is used routinely by chemists across a range of s...