NEW YORK (GenomeWeb News) – Miniature mass spectrometry firm Microsaic Systems today reported that revenues for the first half of the year doubled year over year.
The UK firm posted revenues of £541,529 ($873,645) in the recently completed six month period, up from £269,992, driven by product sales growth, Microsaic said.
Total comprehensive loss for the six months was £1.0 million, or 2.6 pence per share, up from a loss of £789,832, or 2.0 pence, a year ago.
Microsaic said total operating expenses more than doubled to £784,768 — which included £582,591 in R&D spending — from £378,067 in the year-ago period.
It finished the first half of 2013 with £4.8 million in cash and cash equivalents.
Highlights for H1 2013 included the launch of the Microsaic 4000 MiD miniature mass spec, and the completion of a £4.28 million fund raising. Also, Microsaic's original equipment manufacturing partner, Biotage, launched the Isolera Dalton, a fully integrated system for flash chromatography and mass identification incorporating the 4000 MiD.
In a statement, Microsaic Chief Executive Colin Jump said the market reception to both platform launches 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."