NEW YORK (GenomeWeb News) – UK miniaturized mass spectrometry platform development company Microsaic Systems today announced that revenues more than doubled year over year during the first half of 2012.
The company also announced the appointment of Colin Jump as its new CEO.
For the first six months of the year, Microsaic posted £269,992 ($348,617) in revenues, up from £120,326 a year ago. The firm said that it benefitted from sales of its 3500 MiD system on top of grant income streams to fund future product development. The platform was launched in early 2011.
During the period, Microsaic inked an original equipment manufacturing deal with Biotage, and today Microsaic said that the combination of Biotage's flash purification equipment with its mass specs "results in a unique product offering which allows chemists to significantly improve their workflow."
As part of the deal, Microsaic will launch a new version of its MiD platform, the 4000 MiD, which offers a reduced footprint, the company said, adding that development of the system has been completed and the first shipment has been made.
"We have received the first order under the Biotage agreement for the initial systems to support the launch of the combined flash purification system, and following shipment of these we look forward to commencing regular shipments to support Biotage's customer demand," Microsaic said in a statement.
During the first six months of 2012, development costs were £645,533 while operating expenses came in at £378,067.
Total comprehensive loss for the six months was £789,832, or 2.00 pence per share, down from a loss of £852,264, or 2.71 pence per share, a year ago.
Microsaic ended the first half of the year with £2.2 million in cash and cash equivalents.
The company also said that Colin Jump will take over as its CEO staring in November. He has been with Shimadzu, as managing director for the past 11 years. Before that he was European commercial director at SGE Europe and has held sales and marketing positions with Bayer Diagnostics, Roche Diagnostics, and Wellcome Diagnostics.
Eric Yeatman has been active chief executive for Microsaic. He will return to his former role as chairman, while Colin Nicholl, who has been chairman, will return to being deputy chairman, the company said.