Microsaic has provided an update on the business during the Covid-19 pandemic and cash conservation measures that have been installed. Covid-19 is expected to impact near-term performance with the company’s distribution and OEM channels unable to operate normally due to lockdown restrictions. As a result, revenues are anticipated to be lower than expected, although forward visibility remains poor at this stage. Microsaic has announced cash preservation measures to offset lower revenues including a pay reduction of 20% for all employees and directors, and furloughing back office staff. The Board believe the impact on cash is ‘effectively’ neutral, and indicate cash runway up to YE 2020. Despite lockdown restrictions, Microsaic continues to makes positive progress with its existing and potential partners. In this rapidly evolving environment, we note that ProteinID could stand to benefit from the regulatory requirement for a point-of-need online bioprocessing monitoring instrument in the manufacture of Covid-19 biologics and vaccines.
