Business
Heads of Terms signed with manufacturer in China
Heads of Terms signed with manufacturer in China.
About this update from Metir Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9242H\n Microsaic Systems plc\n 09 August 2021\n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) (\"UK MAR\").\n \n \n Microsaic Systems plc\n \n \n (\"Microsaic\" or the \"Company\") \n \n \n \n \n \n Heads of Terms signed with manufacturer to open direct China presence\n \n \n Production to commence in 2021 and on track for China medical device licence in 2022\n \n \n \n \n \n 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 manufacturing partner, to support the China Distributor HoT (RNS announced on 4 May 2021) for Microsaic's micro-engineered MS technology. \n \n \n Under the newly signed HoT, production of the point of care MS medical device is expected to commence this year in Shanghai for the hospital diagnostics monitoring system for the Chinese market. Local production is a pre-requisite to secure a medical licence for Microsaic's existing technology. \n \n \n Microsaic expects to generate two streams of revenue in 2022, from the initial sale of monitoring systems and the subsequent recurring revenue-share from the supply of reagents and consumables used for point-of-care patient monitoring. \n \n \n In 2019, there were 33,000 hospitals registered in China, with 7.9 million beds (or 1 bed per 1000 population)1.\n \n \n Glenn Tracey, CEO of Microsaic Systems plc, commented:\n \n \n \"With the Company on track to secure a China medical device licence in 2022, the move to mass production of this Microsaic equipment in China represents a significant opportunity to reduce costs and increase margins for these devices, and demonstrates our commitment to position our point-of-need technology in a broad range of key verticals within the human health diagnostics sector.\n \n \n \n \"\n \n \n We are focused on commercialisation of integrated smart AI medical devices, sample-to-result platforms, and equipment/devices with network management software capability.\n \n \n \n \n \"We look forward to providing further information on our production and distribution partners on completion of...