30th Sep 2015 07:51
LONDON (Alliance News) - Mass spectrometry instruments Microsaic Systems PLC on Wednesday said it will raise GBP3.2 million to fund the development of its product portfolio, as it said its pretax loss widened in the first half because of a fall in revenue.
Microsaic said it will raise GBP3.2 million in funding via the placing of 9.7 million shares at 33.00 pence per share. The placing agreement includes an option to issue another 8.5 million shares should demand for the initial placing prove strong. Microsaic shares were down 26% in early trade to 31.00p, one of the worst performers in the AIM All-Share.
The company said it will use the funding to provide the additional working capital required to support the accelerated commercialisation of its products.
The placing was announced as the company said its pretax loss for the six months to the end of June was GBP1.8 million, compared to a GBP1.5 million loss a year earlier, as revenue more than halved to GBP291,139 from GBP610,985.
The fall in revenue was resulted from softer sales from one distribution channel, which the company didn't name, though it said good progress has been made on developing its technology and noted it recently signed a further manufacturing agreement with GE Healthcare.
"First half revenues reflect the soft start to the year with one important distribution channel. In our annual report we referred to this and stated that we had identified the causes and were addressing them. We can now report on the actions that have been taken," said Colin Jump, Microsaic's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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