NEW YORK (GenomeWeb News) – UK miniaturized mass spectrometry firm Microsaic Systems today announced it has raised £4 million ($6.5 million) in an institutional placing in connection with the admission of the company's shares to trade on the AIM market of the London Stock Exchange.
The funds were raised through the placement of 12.5 million new shares to institutional investors at 32 pence per share. Once Microsaic's shares begin trading, which is expected to occur on April 11, the company will have a market capitalization of about £12 million.
The company was founded in 2001 as a spin-out of Imperial College London.
Microsaic said it has used its patented chip-based technology to become the first and only firm to successfully miniaturize mass specs. It launched its first platform, the Microsaic 3500 MiD, in January. The instrument is a desktop MS system that is smaller, lighter, more energy efficient and cheaper to run than legacy conventional mass specs, the company said.
With its partners, Microsaic plans to introduce similar systems into target markets and applications to replace existing mass specs and to expand the global mass spec-installed base. It also plans to develop chip consumables to generate recurring revenues.
In addition, it said it is developing next-generation products that will target wider markets and additional applications by providing improved sensitivity for the detection of very low concentrations of chemicals in complex samples, such as urine or blood plasma.