RNS Number : 2548T
24 March 2021
24 Mar 2021
("DeepVerge" or "Company")
DeepVerge and Microsaic Systems plc sign three-year Technology
and Commercial Agreement
Integrated "Lab to Sample" laboratory and "Point of Care"
to transform healthcare and environmental health
DeepVerge (LSE:DVRG.L), the environmental and life science AI
company , announces that, further to the notification of 15
February 2021, it has signed a full technical and commercial
agreement ("Agreement") with Microsaic Systems plc (AIM: MSYS)
("Microsaic"). Under this Agreement, with DeepVerge's Innovenn
subsidiary, Microsaic will supply regulatory approved, CE Mark,
miniaturised mass spectrometry equipment and services on a
non-exclusive basis across DeepVerge's global sales, marketing and
distribution channels, delivering portable solutions for
environmental contamination detection and healthcare diagnostic
evaluation of samples.
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 the SARS-CoV-2 virus, to deliver a "Point of Care"
diagnostic solution at the GP's clinic. With biomarker binding
agents capable of detecting up to 40 diseases on the human breath,
many of which include cancer, neurodegenerative, respiratory and
metabolic conditions, it has the potential to enable swift referral
for serious conditions and at the same time reduce unnecessary
doctor-to-hospital referrals and over-prescription of antibiotics,
potentially dramatically lowering healthcare costs.
In addition, automated monitoring of remote "Lab to Sample"
Environmental Health data creates a virtual laboratory at the site
of detection in diversified chemical, bio chem ical, biofuel,
biodegradable plastic, biologics, and waste-water treatment
Key Terms of Agreement
DeepVerge will be a non-exclusive distributor for Microsaic
DeepVerge will purchase from the Microsaic product list and
resell the products in Deepverge's sales channel.
DeepVerge has agreed that their minimum target order from
Microsaic for Microsaic products will be GBP100,000 per year.
The term of the Agreement will be for three years, with the
ability to extend.
DeepVerge has made an initial order to purchase from Microsaic
three 4500 MID's (mass spectrometry equipment) for a total price of
DeepVerge will allocate resources up to a value of GBP150,000 to
install a pilot facility in DeepVerge laboratories in York.
DeepVerge and Microsaic have committed to future
Current intellectual property will reside with each of Microsaic
and DeepVerge, any jointly developed intellectual property will be
owned in equal share.
Gerard Brandon, CEO of DeepVerge plc (and ecowaterOS member),
"The collaboration, cooperation and teamwork across both
companies over the last two months has been incredible. It 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. We have an
exciting three years ahead for both companies."
Glenn Tracey, CEO of Microsaic, commented:
"Over 20 years, Microsaic has built the miniaturisation of
microchip-based equipment, designed for point of need detection.
This Agreement with DeepVerge brings a direct route to existing
distribution channel partners so that we can finally have full
access to a global market, where together, our vision is to solve
real-world problems facing humanity. Additionally, the
collaborations represent a turning point in front line detection in
a number of application areas, which to date have remained
untouchable by mass spectrometry technologies, and which therefore
bring first mover advantage in these markets which have such a high
demand right now."
Microsaic's technology has a very small footprint, very low
maintenance and is specifically designed for front line use. Under
this Agreement, Microsaic and DeepVerge will combine
micro-engineering, software and AI based data analytics to offer
automated "Internet of Things" ("IoT") analytical solutions to
drive important decisions at manufacturing industry "Point of Need"
and help GP clinic doctors make a faster diagnosis at "Point of
As announced in February, Microsaic has joined the ecowaterOS
Consortium, an end-to-end water contamination detection and
decontamination solutions provider network, for real-time
monitoring and detection of contaminated water. Developed by the
Rinocloud division of DeepVerge plc, this is a consortium of
partners operating a live dynamic water management system that
supports the delivery of safe clear water from rivers to wastewater
treatment plants, using Artificial Intelligence to provide instant
alerts from remote sensors direct to stakeholders.
In other collaborations, DeepVerge and Microsaic will:
-- Augment the Modern Water (a division of DeepVerge) front line
water analysis portfolio by adding a new portable real-time sewage
monitoring capability, particularly for monitoring "organics" such
as drugs of abuse and active pharmaceutical ingredients
-- C ollaborate on the detection of proteins and "bad actors"
using Labskin's ground-breaking protein capture technology, and
Microsaic's MS technology, which is ideally suited to bring the
power of Mass Spectrometry to front line screening in Human and
Environmental Health. To speed collaboration, Microsaic will
shortly be co-locating its science and applications capabilities
within the enlarged 9,000 square foot Labskin facility in York,
Related Party Agreement
Entering into the Agreement and the related orders constitute a
related party transaction for the Company under AIM Rule 13, as
DeepVerge directors Gerard Brandon (CEO) and Nigel Burton
(Non-executive Director) are also non-executive directors of
Gerard Brandon and Nigel Burton abstained from participating in
the consideration of and entry into the Agreement by Microsaic. The
Directors of DeepVerge (excepting Messrs Brandon and Burton)
consider, having consulted with SPARK Advisory Partners Limited,
the Company's nominated adviser, that the terms of the Agreement
are fair and reasonable insofar as its shareholders are
+44 (0) 1904 40
DeepVerge plc Ross Andrews, Chairman 4036
SPARK Advisory Partners
Limited Neil Baldwin/Andrew +44 (0) 113 370
(Nominated Adviser) Emmott 8974
Turner Pope Investments Andy Thacker/Zoe +44 (0) 20 3657
(TPI) Limited (Broker) Alexander 0050
About DeepVerge plc (www.deepverge.com)
DeepVerge is an environmental and life science group of
companies that develops and applies AI and IoT technology to
analytical instruments and the data they generate, for the analysis
and identification of bacteria, virus and toxins. DeepVerge is
utilising artificial intelligent data analytics to prove
scientifically the impact of skincare product claims on the skin
microbiome for clients including most of the top 20 global cosmetic
companies and to detect remotely, and identify in real-time,
dangerous pathogens in wastewater treatment plants, drinking water,
rivers, lakes and reservoirs.
About Microsaic (www.microsaic.com)
Microsaic floated on AIM in 2011 to develop and commercialise
micro-engineering chip-based mass spectrometry equipment. Having
invested c.GBP30m over 20 years of development, Microsaic has a
robust and innovative patent portfolio in cutting-edge technology
designed and developed for "Industry 4.0" application. Microsaic
serves markets in Human Health, Environmental Health and
Diversified Industries. Microsaic's system solutions enable
analytical detection and characterisation at the point-of-need,
whether within a conventional laboratory setting, or within a
bioprocessing facility for continuous mass spectrometer detection
data at multiple steps in the process workflow.
Microsaic's products and systems are commercially available
through global markets via a network of regional and local
partners, targeting its core laboratory, manufacturing and point of
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(END) Dow Jones Newswires
March 24, 2021 03:00 ET (07:00 GMT)
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