NEW YORK (GenomeWeb News) – Miniaturized mass spectrometry firm Microsaic Systems today announced that its revenues for the first half of 2011 fell 35 percent year over year, while losses increased 30 percent.
For the six months ended June 30, the Surrey, UK-based company posted receipts of £120,326 ($186,686), down from £185,761 a year ago. Its loss for the period rose to £852,264 from £656,619.
During the first half of the year, Microsaic's operational expenses climbed to £466,798 from £339,842, a 37 percent increase. It ended the first-half of 2011 with about £3.1 million in cash and cash equivalents.
The company, which began trading on the AIM market of the London Stock Exchange in April, raising £4 million, develops miniaturized chip-based mass spectrometers targeted for smaller laboratories as well as labs in need of additional instruments but short on space.
In addition to listing on AIM, company highlights for the first half of the year included initiation of commercial discussions with potential partners for OEM sales of Microsaic's 3500 MiD instrument, launched in January. The firm said it is now in negotiations with a total of five companies regarding possible OEM sales.
It added that since June 30, it has received the first order from an OEM partner.
Also, in August Microsaic hired Samantha Dunnage as sales and marketing manager to handle its direct marketing and sales of the 3500 MiD platform. Microsaic's strategy is to target niche, growth markets.
"We believe our innovative chip-based mass spectrometer technology is revolutionary and has the potential to address a large and growing market opportunity," Alan Finlay, CEO of Microsaic, said in a statement, adding the firm is "progressing commercial discussions as rapidly as possible."