Micro Identification Technologies Inc., creators of the MIT 1000 automated bacteria identification system, continues to move forward with its strategic plans for development, marketing, and production. The company has already been successful in lining up funding, a key first step in their staffing and marketing efforts. In addition, they’re in the process of readying production in preparation for increased demand.
To date, there have been three primary developments:
• MIT has successfully arranged a $5 million equity placement agreement with Boston-based Dutchess Capital, through its Dutchess Opportunity Fund. Among other things, this allows the company to expand its professional and scientific staff.
• MIT has entered into a separate securities purchase agreement with a privately held New York investment banking firm. The agreement calls for an 8% note, undisclosed amount, set to mature on May 18, 2011.
• As the one-of-a-kind technology gains attention around the world, the company also wants to be in position to ramp up production. To this end, MIT has developed an alliance with OSI Optoelectronics, a subsidiary of OSI Systems (NASDAQ: OSIS), to produce the MIT 1000. OSIO has production facilities in California, Malaysia, and India, and all of their facilities are ISO 9001:2000 certified, FDA registered, and GMP compliant.
Demand is expected to grow rapidly and steadily, due to the fact that the MIT 1000 dramatically reduces the time and cost involved in identifying potentially harmful bacteria. It’s the only system of its kind in the world. With increased calls for food safety, revenues for rapid testing methods have expanded at an annual rate of over 9% since 1998, and already exceed $5 billion annually. Current growth projections are at 10.2% annually, expected to reach $6.2 billion by 2013. The MIT 1000 has already been used by the U.S. Department of Agriculture and the Japanese Ministry of Food Safety.
For more information, visit www.micro-identification.com.
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