NetScientific PLC (LON:NSCI), the healthcare intellectual property commercialisation group, said all of its portfolio companies advanced their commercial operations in 2018.
The company gave a quick run-down on milestones achieved by its portfolio companies in 2018 and said the group would continue the commercial and corporate development of all of its portfolio assets to maximise value.
READ: An overview of NetScientific’s portfolio companies
Glycotest, a US-based liver diagnostics company, has begun planning for a further clinical validation study and to move into the commercial phase, aiming to make its first sale.
It plans to sign a service agreement with a Clinical Laboratory Improvement Amendments-approved lab with the goal of commercialising its HCC Panel test as a clinical lab testing service in the USA.
Cancer diagnostics company Vortex Biosciences is focused on clinical assay development and beginning clinical research studies using existing assays optimised for use with circulating tumour cells, targeting lung cancer diagnostics.
Vortex expects to make these assays available for use with the output of the VTX-1 liquid biopsy system during 2018.
Biomarkers specialist ProAxsis is targeting £1mln in revenue in 2018, with the potential to become free cash flow positive.
The revenue generating projects will be reviewed in the second half of the year to determine ProAxsis's financing requirements.
READ: NetScientific’s portfolio company Glycotest unveils positive data from clinical evaluation of its liver cancer test
Meanwhile, digital health company Wanda aims to initiate a number of new pilot studies to build relationships with new partners, targeting Accountable Care Organisations, Managed Care Organisations and Health Systems as well as Home Healths working with hospital systems.
NetScientific expects new data from these pilots will increase the analytical ability of Wanda's machine learning algorithms to predict hospital readmissions.
A financing event for Wanda in the second half of 2018 remains on the cards, as does another of the group’s portfolio companies, PDS.
"We are pleased to note that all of our core portfolio companies continue to advance their commercial operations and are well positioned for continued momentum as we move into 2018. We are encouraged by the first commercial sales of Vortex's VTX-1 Liquid Biopsy System and the continued expansion of ProAxsis' assay portfolio,” said Francois Martelet, the chief executive officer of NetScientific.
"We look forward to continuing this progress with further developments anticipated early in 2018, including the completion of a Series A fundraising for Glycotest following the company's recent successful clinical trial results for its HCC panel for the diagnosis of liver cancer."