7th Oct 2014 06:49
LONDON (Alliance News) - Microsaic Systems PLC Tuesday said it has raised GBP4.4 million before expenses in a slightly discounted share placing, money it will use to further its growth plans.
In a statement, the mass spectrometry instrument developer said it issued 10.5 million new shares to existing and new investors at 42 pence a share, a 6.7% discount to its closing mid-market price of 45 pence Monday.
It will use the money to develop its own sales channels as well as channels to work with partner manufacturers, and to accelerate the commercialisation of its products and technologies, negotiating what it describes as complex customer contracts and further outsourcing manufacturing. It said the funds will also give it a string financial position, which will support its position in commercial negotiations.
"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," Chief Executive Colin Jump said in a statement
"These include two further (original manufacturer) agreements with industry leaders over the past year for the global development and commercialisation of scientific instruments that incorporate the company's mass spectrometry technologies; outsourcing manufacturing to meet increasing commercial demand; and continuing innovation to make our offering more attractive across the multiple application areas targeted," he added.
By Steve McGrath; [email protected]; @stevemcgrath1
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