Proactiveinvestors United Kingdom Netscientific PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Netscientific PLC RSS feed en Sat, 20 Jul 2019 14:54:06 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190709145837_14142165/ Tue, 09 Jul 2019 14:58:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190709145837_14142165/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190708160448_14140615/ Mon, 08 Jul 2019 16:04:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190708160448_14140615/ <![CDATA[RNS press release - Result of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190618142750_14115441/ Tue, 18 Jun 2019 14:27:50 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190618142750_14115441/ <![CDATA[News - NetScientific rockets as ProAxsis sees positive early trial data for NEATstik lung disease test ]]> https://www.proactiveinvestors.co.uk/companies/news/221277/netscientific-rockets-as-proaxsis-sees-positive-early-trial-data-for-neatstik-lung-disease-test-221277.html NetScientific PLC (LON:NSCI) shares soared on Friday after its portfolio firm, ProAxsis, received positive early data from a clinical trial of its NEATstik lung disease test.

The AIM-listed firm, which commercialises healthcare IPs and holds a 56.5% stake in ProAxsis, said the data had come from BRIDGE, a major three-year study into bronchiectasis, a condition that causes abnormal widening of the lungs, involving over 1000 patients and funded by the British Lung Foundation and the European Respiratory Society.

READ: NetScientific to focus on extending lifespan as CEO reiterates confidence in portfolio firms

The data, published in the peer-reviewed European Respiratory Journal, found that NEATstik was able to replicate the results of existing tests for chest infections within only ten minutes, meaning the test could potentially support appropriate usage of antibiotic therapy.

"This encouraging data published in the renowned European Respiratory Journal demonstrates ProAxsis' ability to monitor bacterial infections in real time in patients suffering from lung diseases”, said Ian Postlethwaite, chief executive of NetScientific.

“NEATstik has the potential to provide clinicians with a test identifying those at risk of further exacerbations providing more targeted care. We believe that ProAxsis has the potential to become a significant player in the growing point-of-care respiratory testing market."

In early deals, NetScientific shares were up 52.7% at 13p.

--Adds share price--

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Fri, 31 May 2019 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221277/netscientific-rockets-as-proaxsis-sees-positive-early-trial-data-for-neatstik-lung-disease-test-221277.html
<![CDATA[RNS press release - Positive new data demonstrates NEATstiks potential ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190531070003_14093223/ Fri, 31 May 2019 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190531070003_14093223/ <![CDATA[RNS press release - Notice of AGM and Annual Report & Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190524095005_14086734/ Fri, 24 May 2019 09:50:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190524095005_14086734/ <![CDATA[News - NetScientific ‘confident’ in prospects of its three portfolio companies ]]> https://www.proactiveinvestors.co.uk/companies/news/220948/netscientific-confident-in-prospects-of-its-three-portfolio-companies-220948.html With the disposal of our Vortex and Wanda interests, we can focus using the remaining cash resources on extending the anticipated lifespan of the Company.

Ian Postlethwaite, chief executive

What it does NetScientific PLC (LON:NSCI) invests in early-stage healthcare companies.   Until recently, it had five companies in its portfolio, but it now owns stakes in three companies following the sale of Vortex Biosciences and Wanda for £150,000 in March.   First up is Glycotest, in which NetScientific has an 87.5% interest.

Then there is ProAxsis, a Northern Irish diagnostics company which is creating a range of easy-to-use tests that can identify biomarkers of certain diseases.

ProAxsis’ NEATstik measures the amount of active neutrophil elastase in your sputum (spit and mucus), which helps doctors to manage infections in people with pulmonary diseases such as cystic fibrosis and COPD.

Much like NEATstik, ProteaseTag measures active NE, albeit in a slightly different way,

Finally, NetScientific owns an 8.2% stake PDS Biotechnology, which merged with Edge Therapeutics earlier this year and specialises in cancer immunotherapies.

 

How it’s doing

Last year, Glycotest received “positive” results from a clinical evaluation of its HCC Panel device in patients with Hepatocellular Carcinoma (HCC), the most common form of liver cancer.

The portfolio company completed a US$10mln series A funding round with Chinese healthcare giant Fosun, and the first tranche of US$3mln was received in February. That money will be used to advance HCC Panel towards commercialisation.

Following the merger with Edge, PDS is now listed on the Nasdaq stock exchange in New York, and NetScientific’s holding is worth around £2.5mln.

A phase II study of PDS0101 – the lead drug from its Versamune platform – in combination with Merck's Keytruda in head and neck cancer patients is due to kick off later this year.

Neither of those companies require any more funding, and even ProAxsis only needs £0.1mln to cover certain operational expenses.

Speaking of ProAxsis, both its ProteaseTag and NEATstik tests have been selected for use in a major upcoming clinical trial into respiratory diseases funded by the European Respiratory Society.

The study will be conducted over three years and involve 1,000 patients suffering from bronchiectasis across Europe, with the two ProAxsis being used to explore new biomarkers and determine their impact on clinical outcomes.

For the year ended 31 December 2018, NetScientific reported a loss from continuing operations of £4mln, less than the £4.2mln loss the year before, while revenues rose to £245,000 from £171,000.

The firm also ended the year with a cash balance of £2.9mln, which had increased to £3mln as of 30 April.

 

What the boss says  

“With the disposal of our Vortex and Wanda interests, we can focus using the remaining cash resources on extending the anticipated lifespan of the company,” said chief executive and chief financial officer Ian Postlethwaite.

“Glycotest and PDS require no further funding at this stage and, whilst ProAxsis does need a small additional injection of £0.1mln to meet operational requirements as it nears cashflow breakeven, this will be repayable within 2019.

“All three companies have continued to make good progress during the year and we remain confident in their prospects.

“In addition, we have taken measures to reduce our central function costs to extend the company's cash runway and it is therefore expected that the Company has sufficient cash to operate until the end of 2020.”

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Fri, 24 May 2019 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220948/netscientific-confident-in-prospects-of-its-three-portfolio-companies-220948.html
<![CDATA[News - NetScientific to focus on extending lifespan as CEO reiterates confidence in portfolio firms ]]> https://www.proactiveinvestors.co.uk/companies/news/220755/netscientific-to-focus-on-extending-lifespan-as-ceo-reiterates-confidence-in-portfolio-firms-220755.html NetScientific PLC (LON:NSCI) chief executive Ian Postlethwaite has reiterated the group’s confidence in its remaining portfolio companies, adding that the company would use its cash reserves to focus on extending its lifespan.

The CEO of the healthcare commercialisation firm said in its full-year results that after selling its interests in the Vortex Biosciences and Wanda companies for £150,000 in March, the company had taken measures to reduce its central function costs and was expected to have sufficient cash to operate until the end of 2020.

READ: Netscientific surges as peer-reviewed article confirms potential of PDS Biotech’s Versamune immunotherapy platform

Two of the company’s portfolio firms, Glycotest and PDS Biotechnology, did not require further funding, while the final firm, ProAxsis, required only a small injection of £100,000 to meet operational requirements which would be repayable in 2019.

For the year ended 31 December 2018, NetScientific reported a loss from continuing operations of £4mln, less than the £4.2mln loss the year before, while revenues rose to £245,000 from £171,000.

The firm also ended the year with a cash balance of £2.9mln, which had increased to £3mln as of 30 April.

In early trading on Wednesday, the shares were down 5.4% at 8.8p.

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Wed, 22 May 2019 08:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220755/netscientific-to-focus-on-extending-lifespan-as-ceo-reiterates-confidence-in-portfolio-firms-220755.html
<![CDATA[RNS press release - Full Year Results for the year ended 31 Dec 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190522070004_14082677/ Wed, 22 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190522070004_14082677/ <![CDATA[News - Netscientific surges as peer-reviewed article confirms potential of PDS Biotech’s Versamune immunotherapy platform ]]> https://www.proactiveinvestors.co.uk/companies/news/220447/netscientific-surges-as-peer-reviewed-article-confirms-potential-of-pds-biotechs-versamune-immunotherapy-platform-220447.html A peer-reviewed publication has given backing to a cancer immunotherapy platform developed by PDS Biotechnology Corporation (NASDAQ:PDSB) – one of Netscientific PLC’s (LON:NSCI) portfolio companies.

The article, published online earlier this month in the Journal of Immunology, describes how the Versamune platform recruits and activates T-cells.

READ: Netscientific soars as it sells stakes in Vortex and Wanda

T-cells are responsible for identifying and attacking cancer cells while at the same time making them more susceptible to T-cell attack.

A phase II study of PDS0101 – the lead drug from the Versamune platform – in combination with Merck’s Keytruda in head and neck cancer patients is due to kick off later this year.

Similar studies testing PDS0101 in advanced HPV-associated cancers and on its own in cervical dysplasia are also planned.

Shares in Netscientific, which owns 8.15% of PDS’s stock, rose 16.5% to 9.03p in late-afternoon trading on Thursday.

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Thu, 16 May 2019 15:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220447/netscientific-surges-as-peer-reviewed-article-confirms-potential-of-pds-biotechs-versamune-immunotherapy-platform-220447.html
<![CDATA[RNS press release - PDS Biotechnology journal publication ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190516150753_14077256/ Thu, 16 May 2019 15:07:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190516150753_14077256/ <![CDATA[RNS press release - Resignation of CEO ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190425070008_14051028/ Thu, 25 Apr 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190425070008_14051028/ <![CDATA[News - NetScientific soars as it sells stakes in Vortex Biosciences and Wanda for £150,000 ]]> https://www.proactiveinvestors.co.uk/companies/news/217083/netscientific-soars-as-it-sells-stakes-in-vortex-biosciences-and-wanda-for-150000-217083.html NetScientific PLC (LON:NSCI) shares soared in mid-morning trading on Monday after it sold its stakes in portfolio companies Vortex Biosciences Inc and Wanda Inc to investment firm EMV Capital Ltd for £150,000.

The group, which invests in development stage medical and healthcare businesses, said after the close on 22 March that it would use the proceeds of the sale towards its ongoing working capital requirements.

READ: NetScientific portfolio companies Vortex Biosciences and Wanda to be wound up

EMV had previously tried to acquire Vortex and Wanda earlier that week, but NetScientific had rejected the offer after concluding “the level of consideration offered is not sufficient to justify the company continuing to provide the necessary financial support to Wanda and Vortex” while it carried out due diligence and negotiations.

However, the company said the new offer with revised terms had addressed its previous concerns “satisfactorily”.

NetScientific had previously said it was planning to wind up the two companies, having held stakes of 95% and 70.8% in Vortex and Wanda respectively.

Vortex develops a liquid biopsy platform that collects circulating tumour cells (CTC) for signs of cancer, while Wanda has developed a method of remotely monitoring people with congestive heart failure and other chronic conditions.

Shares were up 33.7% at 11.7p.

--Adds share price--

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Mon, 25 Mar 2019 07:38:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217083/netscientific-soars-as-it-sells-stakes-in-vortex-biosciences-and-wanda-for-150000-217083.html
<![CDATA[RNS press release - Sale of Wanda and Vortex ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190322164230_14013102/ Fri, 22 Mar 2019 16:42:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190322164230_14013102/ <![CDATA[RNS press release - PDS merger with Edge Therapeutics update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190319070013_14006615/ Tue, 19 Mar 2019 07:00:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190319070013_14006615/ <![CDATA[News - NetScientific portfolio companies Vortex Biosciences and Wanda to be wound up ]]> https://www.proactiveinvestors.co.uk/companies/news/216664/netscientific-portfolio-companies-vortex-biosciences-and-wanda-to-be-wound-up-216664.html NetScientific PLC (LON:NSCI) said on Monday that its portfolio companies Vortex Biosciences and Wanda Inc are set to be wound up.

The firm, which invests in development-stage medical and healthcare businesses, had received an indicative proposal from a third party for the sale of its shareholdings in Vortex and Wanda.

READ: NetScientific expects shareholders to reject plan to delist from AIM and become private company

But after considering the indicative terms of the potential disposal and the expected timeline to complete a deal, NetScientific concluded that “the level of consideration offered is not sufficient to justify the company continuing to provide the necessary financial support to Wanda and Vortex” while it carries out due diligence and negotiations.

The group said such a move would affect the company’s ability to allocate sufficient cash resources to its other portfolio companies Glycotest Inc., ProAxsis Ltd and PDS BioTechnology. NetScientific believes these portfolio companies have the “most realistic prospects” of delivering shareholder returns.

“The board has therefore concluded that it was not in the best interests of the company to proceed with the potential disposal,” it said.

“Subsequently, the directors of Vortex and Wanda respectively resolved to effect the orderly wind up of those companies.”

In a separate announcement, NetScientific announced that PDS and Edge Therapeutics Inc. (NASDAQ:EDGE) have completed their all-share merger.

READ: NetScientific lifted as portfolio company PDS Biotechnology announces merger with Edge Therapeutics

The combined company will trade under the PDS name and will start trading on Nasdaq today under the ticker PDSB.

NetScientific's chief executive Francois Martelet said: "We are delighted that the merger has completed, and with the liquidity attributable to NetScientific's holding in PDS Biotechnology Corporation following the listing on Nasdaq."

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Mon, 18 Mar 2019 14:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216664/netscientific-portfolio-companies-vortex-biosciences-and-wanda-to-be-wound-up-216664.html
<![CDATA[RNS press release - PDS completes merger with Edge Therapeutics ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190318140950_14006140/ Mon, 18 Mar 2019 14:09:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190318140950_14006140/ <![CDATA[RNS press release - Orderly wind up of Wanda and Vortex ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190318140751_14006135/ Mon, 18 Mar 2019 14:07:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190318140751_14006135/ <![CDATA[News - NetScientific unaware of any reason behind recent share price jump ]]> https://www.proactiveinvestors.co.uk/companies/news/216450/netscientific-unaware-of-any-reason-behind-recent-share-price-jump-216450.html NetScientific PLC (LON:NSCI) has said it is unaware of any reason behind a 247% surge in its share price on Wednesday to 12.5p.

The medical research investor added that despite the increase the shares were still at discount to their price prior to 20 December when it announced a strategic review that included options to delist from AIM and taking the company private, although at the start of March the firm said more than 30% of shareholders indicated they would vote against these options.

READ: Netscientific expects shareholders to reject plan to delist from AIM and become private company

The company is currently trying to reduce its costs “significantly” in order to invest as much of its remaining cash as possible into its portfolio companies.

In early trading Thursday, shares were up 13.6% at 14.2p.

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Thu, 14 Mar 2019 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216450/netscientific-unaware-of-any-reason-behind-recent-share-price-jump-216450.html
<![CDATA[RNS press release - Share Price Movement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190314070014_14001535/ Thu, 14 Mar 2019 07:00:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190314070014_14001535/ <![CDATA[RNS press release - Results of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190304114501_13989177/ Mon, 04 Mar 2019 11:45:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190304114501_13989177/ <![CDATA[News - Netscientific expects shareholders to reject plan to delist from AIM and become private company ]]> https://www.proactiveinvestors.co.uk/companies/news/215613/netscientific-expects-shareholders-to-reject-plan-to-delist-from-aim-and-become-private-company-215613.html NetScientific plc (LON:NSCI) said more than 30% of shareholders have indicated they would vote against a proposal to cancel its shares on AIM and re-register as a private company.

The shareholders sent proxy forms instructing their shares to be voted against the proposal at the general meeting, which was due to be held on March 4.

READ: NetScientific to delist from AIM and become a private company following strategic review

NetScientific said it now believes the resolution would be voted against and has decided to postpone the general meeting.

The firm, which invests in development-stage medical and healthcare businesses, announced its plan to go private last month following a strategic review of its operations.

The review concluded that the company needed a revised strategy to reduce its central functions and costs “significantly” to enable as much of its remaining cash as possible be allocated to its portfolio companies.

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Fri, 01 Mar 2019 12:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215613/netscientific-expects-shareholders-to-reject-plan-to-delist-from-aim-and-become-private-company-215613.html
<![CDATA[RNS press release - Update on upcoming General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190301111523_13987340/ Fri, 01 Mar 2019 11:15:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190301111523_13987340/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227164049_13984210/ Wed, 27 Feb 2019 16:40:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227164049_13984210/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227163538_13984194/ Wed, 27 Feb 2019 16:35:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227163538_13984194/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227140535_13984024/ Wed, 27 Feb 2019 14:05:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227140535_13984024/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227140024_13984011/ Wed, 27 Feb 2019 14:00:24 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190227140024_13984011/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190225125410_13980701/ Mon, 25 Feb 2019 12:54:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190225125410_13980701/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190221163533_13977793/ Thu, 21 Feb 2019 16:35:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190221163533_13977793/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190220105116_13975738/ Wed, 20 Feb 2019 10:51:16 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190220105116_13975738/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190219140605_13974514/ Tue, 19 Feb 2019 14:06:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190219140605_13974514/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190219140041_13974508/ Tue, 19 Feb 2019 14:00:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190219140041_13974508/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190218165439_13973288/ Mon, 18 Feb 2019 16:54:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190218165439_13973288/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190218110608_13972837/ Mon, 18 Feb 2019 11:06:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190218110608_13972837/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190218110047_13972830/ Mon, 18 Feb 2019 11:00:47 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190218110047_13972830/ <![CDATA[News - NetScientific to delist from AIM and become a private company following strategic review ]]> https://www.proactiveinvestors.co.uk/companies/news/214722/netscientific-to-delist-from-aim-and-become-a-private-company-following-strategic-review-214722.html NetScientific PLC (LON:NSCI) has said it is looking to delist from AIM and re-register as a private company following a strategic review into its operations.

The firm, which invests in development-stage medical and healthcare businesses, said that it had concluded following the review that a revised strategy was required to reduce its central functions and costs “significantly” to enable as much of its remaining cash as possible be allocated to its portfolio companies.

READ: NetScientific says continuing to assess all remaining strategic options after closing formal sale process​

The company also said it had failed to generate any interest in a possible sale or to elicit and offers for the firms in its portfolio, adding that its cash resources as of 31 December were £3.3mln.

Shares were down 44% at 4.5p.​​

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Fri, 15 Feb 2019 12:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214722/netscientific-to-delist-from-aim-and-become-a-private-company-following-strategic-review-214722.html
<![CDATA[RNS press release - Conclusion of Strategic Review ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190215120002_13971318/ Fri, 15 Feb 2019 12:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190215120002_13971318/ <![CDATA[News - NetScientific says portfolio company Glycotest receives initial US$3mln tranche from Fosun Pharma ]]> https://www.proactiveinvestors.co.uk/companies/news/214641/netscientific-says-portfolio-company-glycotest-receives-initial-us3mln-tranche-from-fosun-pharma-214641.html NetScientific PLC (LON:NSCI) revealed that its portfolio company Glycotest Inc. has received the initial US$3mln tranche of the US$10mln Series A financing round with Shanghai Fosun Pharmaceutical Co. Ltd., a leading healthcare group based in China.

The AIM-listed transatlantic healthcare IP commercialisation group, said the initial tranche will primarily serve to drive Glycotest's proprietary HCC Panel towards commercialisation in the US and to transfer the technology to Fosun Pharma, who will commercialise it in China.

READ: NetScientific says continuing to assess all remaining strategic options after closing formal sale process

It added that funding of the remaining US$7mln is due on completion of certain milestones.

NetScientific's chief executive officer and chairman of Glycotest Inc., Francois R. Martelet commented: "The receipt of the first tranche of financing will kickstart Glycotest's commercialisation activities and moves them closer to becoming the first company to commercialise an assay for the early detection and surveillance of early-stage liver cancer, where there is a huge unmet need.

“We are proud that Glycotest's ongoing efforts are materialising into tangible results and look forward to the progress to come."

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Thu, 14 Feb 2019 12:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214641/netscientific-says-portfolio-company-glycotest-receives-initial-us3mln-tranche-from-fosun-pharma-214641.html
<![CDATA[RNS press release - Glycotest Receives First $3m Tranche from Fosun ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190214120742_13969806/ Thu, 14 Feb 2019 12:07:42 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190214120742_13969806/ <![CDATA[News - NetScientific says continuing to assess all remaining strategic options after closing formal sale process ]]> https://www.proactiveinvestors.co.uk/companies/news/212598/netscientific-says-continuing-to-assess-all-remaining-strategic-options-after-closing-formal-sale-process-212598.html NetScientific PLC (LON:NSCI) has said it is continuing to assess all of its remaining strategic options, including a possible de-listing, after closing a formal sale process for the company.

The AIM-listed transatlantic healthcare IP commercialisation group announced on 26 November 2018 that it had decided to conduct a review of the various strategic options open to it, one of which was a sale of the company.

READ: NetScientific mulling its options, including a delisting, as it waits for firm offers for its portfolio companies

However, in an update on that process on 20 December 2018, the firm said that indicative interest had not resulted in any binding or non-binding offer for any of its portfolio companies, and the company itself was not in receipt of any approaches and not in discussions with any potential offeror.

In a statement on Tuesday, NetScientific said that remains the case and the board is not aware of any parties who might now make such an approach or initiate such discussions.

Accordingly, the company confirmed, it has closed the formal sale process under the City Code on Takeovers and Mergers that it had commenced as part of the strategic review.

The group said: “In light of the above, the Board continues to assess all of its remaining strategic options, including seeking additional funding from its shareholders and taking material action to reduce further the Company's costs, which may include seeking a delisting.”

In reaction, NetScientific shares dropped 20% to 5.15p.

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Tue, 15 Jan 2019 11:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212598/netscientific-says-continuing-to-assess-all-remaining-strategic-options-after-closing-formal-sale-process-212598.html
<![CDATA[RNS press release - Termination of Formal Sales Process ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190115110805_13935163/ Tue, 15 Jan 2019 11:08:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190115110805_13935163/ <![CDATA[RNS press release - Form 8.5 - NetScientific plc ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190115093702_13935002/ Tue, 15 Jan 2019 09:37:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190115093702_13935002/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190114102554_13933534/ Mon, 14 Jan 2019 10:25:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190114102554_13933534/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190108115850_13927648/ Tue, 08 Jan 2019 11:58:50 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190108115850_13927648/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190107101416_13925782/ Mon, 07 Jan 2019 10:14:16 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190107101416_13925782/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190104091315_13924103/ Fri, 04 Jan 2019 09:13:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20190104091315_13924103/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181231093656_13919092/ Mon, 31 Dec 2018 09:36:56 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181231093656_13919092/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181224102351_13914935/ Mon, 24 Dec 2018 10:23:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181224102351_13914935/ <![CDATA[RNS press release - Form 8.5 - NetScientific PLC ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181221110433_13913250/ Fri, 21 Dec 2018 11:04:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181221110433_13913250/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181220164125_13912117/ Thu, 20 Dec 2018 16:41:25 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3656/LSE20181220164125_13912117/