Having refilled the coffers with a successful fund-raising in June, the focus now at NetScientific PLC (LON:NSCI) will be on guiding its portfolio companies towards commercialisation.
The company said in its interim results statement that all of its core portfolio companies – Vortex BioSciences, Glycotest, ProAxsis, Wanda and PDS Biotechnology - continued to make progress in the first half of the year.
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“In particular, we are delighted that PDS has announced a Phase IIb trial in partnership with Merck,” said Francois Martelet, chief executive officer (CEO) of NetScientific.
“The ProAxsis CE mark represents a pivotal step in the commercial development of ProAxsis, paving the way for increased future sales potential, whilst Glycotest was recently awarded a European patent, in addition to the two patents which have been allowed in Australia and the US, expanding the potential for Glycotest's future product commercial launch,” the CEO noted.
“We continue to see great commercial potential and inherent business value for each of our portfolio companies," he added.
Half-year results
Half-year revenues were nominal at £164,000, versus £359,000 in the first half of 2016, and more than half came from sales made by Wanda to its associate, Oncoverse.
Research and development spending declined to £3mln from £3.7mln the year before, mainly reflecting Wanda’s move from the development stage to commercialisation.
The loss before tax narrowed to £5.13mln from £6.13mln.
The cash balance as at 30 June 2017 was £11.3mln, up from £9.5mln at the end of 2016, and the cash inflow for the period was £2.0mln (H1 2016 outflow: £7.6mln).