A fundraising on London’s Alternative Investment Market (AIM) is set to net Microsaic Systems £4.4 million and help with executing a number of growth strategies.
The business, which produces ‘next generation’ mass spectrometry instruments, first joined AIM in 2011 when a similar sum of money was raised.
Microsaic says the funds will support growing volume sales of its miniaturised mass spectrometry by partnering with an original equipment manufacturer. The business will also speed up the commercialisation of its products and technologies and secure a ‘strong financial position’ to support commercial negotiations.
Colin Jump, CEO of Microsaic, comments, ‘Microsaic continues to make good progress in putting in place the key elements of its business that are designed to reinforce its leadership in miniaturised mass spectrometry and drive shareholder value.
‘These new funds will continue to fuel growth and development of Microsaic’s business and we thank existing and new shareholders for their support of the company.’
More on recent AIM fundraisings:
The last time Microsaic used its listing to garner funds was in May 2013 when it raised £4.28 million. As a business first established in 2011 by a team originating out of Imperial College London, its most recent financial results showed revenues up 67 per cent to £611,000 but increase in loss before share-based payments, interest and tax.
Its mass spectrometry is used by sectors including energy, pharmaceutical and defence. The combined market in 2012 was said to be worth $3 billion.