Microsaic Systems completes Modern Water acquisition

Surrey-based tech firm Microsaic Systems, which develops spectrometers and provides other system solutions, reported that it has now completed its previously reported acquisition of the Modern Water assets and the Microtox water testing business previously owned by DeepVerge plc.

"This concludes our recent corporate activity to recapitalise Microsaic on an enlarged basis by integrating the Modern Water Microtox water testing business," said Bob Moore, the acting executive chairman at the Woking-based firm.

READ MORE: Microsaic Systems granted exclusivity period as it updates on proposed Modern Water acquisition

"We are now in the process of installing the acquired equipment in newly leased and lower cost laboratory space in York, England.

"We intend to restart sales and manufacture of water testing reagents as soon as reasonably practicable, to meet continuing demand from the installed base of Microtox users.

Moore continued in the stock market statement: "Additionally, we remain focused on supplying and servicing to customers operating Microsaic's mass spectrometry units, through our existing outsourced manufacturing partner and a newly appointed outsourced servicing partner.

"We are committed to supporting existing clients and prospective distribution partners in assessing the ProteinID and PFAS2 units ahead of planned field trials expected in H1 2024, designed to assess their performance in monitoring biomanufacturing of drugs and the detection of 'forever chemicals'."

As reported on January 12 this year, Microsaic Systems concluded its due diligence and then executed and exchanged the acquisition agreement with DeepVerge to acquire the assets for a total of £100,000.

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