NEW YORK (GenomeWeb News) – UK miniature mass spectrometry firm Microsaic Systems today announced a conditional placing of about 3.9 million shares to raise £1.6 million ($2.5 million).
The shares are priced at 40 pence per share. The conditional placing, which was oversubscribed, is with certain existing institutional and other investors. The placing is conditional on the passage of certain resolutions to be proposed at Microsaic's annual general meeting to be held on May 30.
Net proceeds will be used to generate volume sales of its miniaturized mass spec system, called the 3500 MiD, by establishing Microsaic as an original equipment manufacturer partner. The company said earlier this month it signed an OEM agreement to provide the platform to an unnamed international supplier of lab equipment.
Proceeds will also be used to develop direct sales channels to customers in niche, growth application areas and to continue investments into the development and production of its instruments, to provide product enhancements, to streamline manufacturing, and to ensure "optimal capacity is available to meet future commercial demand."
In April 2011, Microsaic raised £4 million in an institutional placing in connection with the admission of its shares on the AIM market of the London Stock Exchange.