Microsaic Systems PLC on Monday said it plans to raise some money and its Chair Gerry Brandon has stepped down.
In June, the mass spectrometry equipment developer said that it was ‘likely’ that it would need to raise further working capital in the third quarter of this year.
The company currently has £350,000 of cash in the bank and collectible trade debtors of about £100,000. It said it continues to meet its obligations as they fall due, providing a funding runway through to mid-November.
However, Microsaic said it is evaluating alternatives, including discussions with several parties about strengthening its balance sheet and aims to conclude a fundraising within the period.
It said it will then seek reinstatement of its shares to trading on AIM ‘shortly afterwards.’ This is also subject to Microsaic publishing its financial 2023 results, which run to September 30.
Microsaic expects about £1.5 million to £2.0 million to provide sufficient funds for the company to remain a going concern. It is also targetting additional funds, which will be principally used on final testing and marketing of its new innovative products, namely an acrylamide detector and ProteinID technology, which it expects to bring to market in 2024.
Further, Microsaic said Executive Chair Gerry Brandon has resigned and will leave the company with immediate effect. Brandon joined the company back in January 2021.
The company said it has appointed Bob Moore as its executive chair. Moore joined as a non-executive director back in March 2022.
Microsaic Systems also said it intends to recruit a new chief executive officer, ‘to ensure that the company has the full set of skills necessary to take the business forward and return to compliance with the appropriate corporate governance standards.’
Once a new CEO is appointed, the company expects Moore to revert to a non-executive role.
Moore commented: ‘The company and board are grateful for the contribution that Gerry has made to the development of the company since early 2021, particularly during the difficult period during and following the Covid pandemic. We wish him well in his future endeavours.’
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