Microsaic Systems PLC - Surrey-based mass spectrometry equipment developer - Says discussions about potential fundraising have been unsuccessful and begins a ‘very significant cost reduction exercise’ to remain as an operating firm. Says it is likely to make all employees redundant with effect from December 3. Intends to cancel shares from trading on AIM to minimise costs and preserve its cash resources. This comes after Microsaic announced plans in September to raise around £1.5 million to £2.0 million to obtain sufficient funds to remain a going concern. It was also targeting additional funds, to be principally used on final testing and marketing of new products like its acrylamide detector and ProteinID technology.

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