Shares of AIM-listed Microsaic Systems (LON: MSYS) spiked in both directions after the open on Wednesday after the company said it has signed a multi-year, complete technical and commercial agreement with DeepVerge plc's (LON: DVRG) subsidiary, Innovenn UK Limited.
The company previously announced the deal with DeepVerge in February.
Microsaic’s share price climbed to highs of 0.252p before falling as low as 0.182p. They are currently priced at 0.208p, down 8.91%. DeepVerge’s share price also initially made gains before falling, now down 2.17% at 31.55p.
The agreement is for an initial term of three years with Microsaic supplying regulatory approved CE-marked miniaturised mass spectrometry equipment and services.
An initial order from DeepVerge will be for three units with a total value of £100,000 with an added commitment of up to £150,000 from DeepVerge for equipment and services to be installed at pilot facilities in the company’s laboratories based in York.
DeepVerge will introduce AI data analytics into Microsaic's existing Mass Spectrometry data capture capabilities to fast track the MicrotoxBT breathalyser, which is used to detect the Spike Protein of Covid-19.
Its biomarker binding agents are capable of detecting up to 40 diseases on the human breath, many of which include cancer, neurodegenerative, respiratory and metabolic conditions, and it has the potential to enable swift referral for severe conditions and reduce unnecessary doctor-to-hospital referrals, DeepVerge said.
Gerard Brandon, CEO of DeepVerge, said the collaboration between the companies has already “contributed to cost reductions for both companies through complementary new hires, removing duplication, and brings an increase in revenue per client opportunity from new services from equipment that Microsaic already has approved for use.”
“The combined result enables Labskin scientists to fully automate the production of bacteria reagents and the Modern Water division can immediately add remote higher quality analysis for clients, eliminating the need for transportation of samples back to laboratories,” Brandon added.
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