Microsaic sees FY 2017 pretax loss in line with 2016
Source - SMW
Microsaic Systems warns its H1 and FY 2017 revenue will be significantly lower than for 2016, but says lower overheads due to cost reduction plans implemented means its FY pretax loss is seen broadly in line with 2016.
"In recognition of the challenging markets in small-molecule detection, and driven by the increasing trends for detection of larger molecules during biopharmaceutical manufacturing ("bioprocessing"), the Board devised and began implementing a revised strategy," the company said.
"This strategy is focused on the application of its unique miniaturised, point-of-analysis MS instrument (the 4000 MiD) in high-value processes where cost of failure for pharmaceutical companies in particular is high and where regulation is demanding change."
Consequently, Microsaic said it was focusing its technical resources, and working with existing and potential new partners, targeting opportunities in bioprocessing for therapeutics and in the longer term for diagnostics.
Bioprocessing was a crucial stage in the production of biologic drugs, and aimed to ensure that they are produced and purified correctly to retain the specific activity given their complex structures, without introducing harmful substances or degrading the biologic product.
"Microsaic's strategy is to work with the key providers of bioprocessing equipment, and in particular those companies involved in biologic purification.
"The Company already has a collaboration agreement in place with a market leader in bioprocessing equipment and is nearing the end of the current phase of this collaboration; and from the Company's perspective, it is on course to deliver its milestones in the coming months.
"In addition, Microsaic is pursuing a pipeline of other collaborative and co-development opportunities."