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Microsaic Reports Revenues of $432K in Preliminary Results

NEW YORK (GenomeWeb News) – Miniaturized mass spectrometry firm Microsaic Systems today announced preliminary results of £267,999 ($432,463) in revenues and a £1.9 million loss for full-year 2011.

The UK-based firm, which went public in April 2011, did not provide year-ago figures. In the fall, it reported that revenues for the first half of 2011 were down 35 percent year over year, while losses increased 30 percent.

Total operating expenses for 2011 were £1.1 million, and on a per-share basis, Microsaic's net loss for 2011 was 5.47p.

The firm develops chip-based mass specs. In January 2011, it launched its first platform, the 3500 MiD, which is about the size of a personal computer. Today, it said in a statement that it is in commercial discussion with six firms "who have confirmed a strong interest in [original equipment manufacturing] sales channels."

Microsaic added that it has begun to implement a direct marketing and sales strategy for the 3500 MiD that targets niche growth markets.

"Our strategy to achieve volume sales is to establish OEM relationships with market leaders in a number of parallel application areas, giving us access to their established sales channels while giving them a compelling addition to their product ranges," Chief Executive Eric Yeatman and Chairman Colin Nicholl said in a joint statement.

They added that two potential partners have ordered and taken delivery of the 3500 MiD systems and conducted successful trials at their facilities. Two other firms have commissioned development work with Microsaic to adapt the system to their needs, and a fifth firm will take delivery of the platform soon.

Microsaic ended 2011 with £1.8 million in cash and cash equivalents.

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