PANORAMA SYNERGY LIMITED Significant expansion to its sensor product portfolio
Entered exclusive global licensing agreement with University of Western Australia (UWA) for its market leading micro spectrometer technology
Continued investment in people to develop the technologies and identify key partnership and supply opportunities
Establishing a portfolio of two advanced sensing technologies creates not only an expanded market opportunity but a multi-faceted, combined product opportunity set for existing and new markets
The Company has a continually growing pipeline of opportunities in both potential customers and partnerships across both technology platforms
Panorama Synergy Limited (ASX:PSY) ("Panorama"; "Company"), a global company in the MEMS sensor industry with a portfolio of advanced MEMS technologies, provides an update for the quarter ended 31 December 2015. Achievements over this past quarter position the Company to accelerate the commercialisation of both its technologies.
As highlighted at the FY15 results, Panorama was focussed on R&D investment to broaden applications and assess closely related complementary technology opportunities. Panorama continues to execute on this strategy during the quarter, signing an exclusive global licensing agreement with UWA for its micro spectroscopy technology.
This agreement, as announced on 26 November 2015, aligns with Panorama's strategy to build a portfolio of advanced technologies through expanding and extending into related technology specialisations. Current spectrometers today are prohibitively sizable and costly, ranging from
$50,000 to at least $100,000+. This agreement enables the manufacturing of devices whose size, weight, power consumption and cost make them available to the mass consumer markets. Key initial target markets include food and drug production, agriculture, security and defence, healthcare and medical, that could be delivered platforms such as unmanned arial vehicles, driverless cars, smart Phones, patient point of care devices for doctors and wearable devices for consumers.
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The development of both the Company's LumiMEMsTM Reader technology as well as the micro- spectrometer remains the key activity of Panorama.
Over the quarter, the senior leadership team was strengthened with four key appointments. Sanchitha Fernando, PhD, Senior MEMS Engineer, is a leading MEMS engineer and has a track record of successful R&D project management. Mr Ben Cheah was appointed as Microfluidics Development Engineer. Mr Cheah is a PhD graduate in microfluidics (the application of MEMS sensors in liquid environments). His expertise will open additional opportunities in medical industry applications and other liquid environment application for Panorama's technology.
Glenn Ross was appointed as a Non-Executive Director after consulting to the company on it's Advisory Board. Mr Ross has worked with multinational companies in both a technical and sales capacity and has extensive investment experience in both private and public companies. Phillip Wingate was appointed as CFO and Company Secretary. Mr Wingate brings corporate, financial and capital market experience to the Company. Mr Wingate has broad ASX experience and has advised on a number of merger and acquisition and capital market transactions.
The Company continues to grow its team with the best, high calibre and experienced people globally.
The Company enters 3QFY16 with a strong balance sheet and cash at bank of $5.1 million.
The Company is experiencing a continually growing pipeline of opportunities in both potential customers and partnerships across both technology platforms. The diversity of possible applications of both technologies creates the need to engage with many industries, while reinforcing the need to prioritise and focus the opportunities.
"I am pleased with the processes and goals we have in place and the progress against those goals, to select the most worthwhile applications and markets for our emerging technology platforms. These are a combination of revenue opportunities, lead time to market, and also the compelling need to solve a problem that can change the lives of many people simply because we can, which in itself creates a priority. Particularly in the healthcare and medical sectors.
"Many claim this, but we truly have built the core of a world class team, moved closer to finalising our commercial priorities among the very many open to us, and broadened the possible customer base and partnerships for the company.
"I thank our shareholders and staff for supporting us as we continue to deliver on our commercialisation strategy that we provided to the market in November 2015. We intend to make this technology count".
Media Fran Foo, Director Media & Capital Partners p: +61 416 302 719 e: fran.foo@mcpartners.com.au | Investors Panorama Synergy Limited Terry Walsh, Managing Director P: +61 8226 3377 info@panoramasynergy.com |
Panorama Synergy is a Perth-based technology company focused on the commercial and technological advancement of its LumiMEMSTM optical readout system and the optical micro- spectrometer technology.
These unique technologies have been pioneered by the Microelectronics Research Group (MRG) team at the University of Western Australia (UWA). MRG took the far-sighted decision to be a global Centre of Excellence in MEMS over a decade ago, creating the opportunity for these breakthroughs. UWA and Panorama Synergy have been partnering in research activities over for much of this time.
Panorama Synergy's Board includes Aidan Montague, Chairman, whose background includes senior roles with Cisco Systems in Europe, South Africa and Asia and Terry Walsh, Managing Director, formerly MD for Cisco Australia and New Zealand, and then CEO of Cisco Canada.
MicroElectroMechanical Systems (MEMS) are very small mechanisms that move in response to an electrical signal. Due to their size, MEMS devices can be fashioned into highly sensitive devices able to detect and measure chemical and biologic substances, movement and acceleration, gravity and a wide range of other applications. MEMS technology represents a $14 billion to $20 billion industry with significant growth rates. All devices which incorporate MEMS sensors require a readout system to assess and communicate the data that is measured.
The LumiMEMSTM Reader sensor is the next evolution of that readout system, as it takes MEMS readouts from primarily being electrically based, into the world of optical.
Panorama Synergy Limited issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 22:57:38 UTC
Original Document: http://www.panoramasynergy.com.au/IRM/PDF/1592/PanoramaDecember2015QuarterReview
