NetScientific PLC (AIM:NSCI) said its portfolio company Glycotest has received US$1 million of new financial backing from Fosun Industrial, the Chinese conglomerate.
Part of a US$10 million licensing and investment deal agreed in 2019, the cash injection will be used to advance Glycotest's liver disease diagnostics.
The company, which now holds one of the world's largest collections of liver cancer blood samples, will use the funds to develop and validate its assays before commercial launch.
Fosun has committed to inject a further US$2 million under the terms of the 2019 deal. NetScientific's stake in Glycotest will be 55.9% following the investment and conversion of certain loan notes.