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NetScientific “pleased” with performance of portfolio companies as it narrows losses in first half

Published: 08:11 28 Sep 2018 BST

medical device
NetScientific invests in development-stage medical and healthcare businesses

Healthcare investor NetScientific PLC (LON:NSCI) has said it was “pleased” with the performance of its portfolio companies as it narrowed its losses in the first half of 2018.

The AIM firm, which invests in development-stage medical and healthcare businesses, recorded a loss after tax of £4.6mln in the six months ended June 30 (H1 17: £5.2mln). It said the loss reflects the early-stage nature of its investments.

READ: NetScientific rises as ProAxsis products selected for large-scale respiratory study

After raising £5mln back in April to help it supports its portfolio companies, NetScientific ended the period with £7.1mln of cash in the bank (Dec 17: £6.9mln).

The company holds stakes in Vortex Biosciences, Glycotest, ProAxsis, Wanda and PDS Biotechnology.

“We are pleased with the progress our portfolio companies have made in the first half of this year, and expect several key value inflection points to occur in the next 12 months,” said chief executive Francois Martelet.

“In particular, we are very encouraged by the recognition ProAxsis is gaining through both awards and grants, and by the excellent data achieved by Wanda which validates use of the technology. Vortex is aiming to become the 'state of the art' microfluidics and instrumentation technology in the liquid biopsy space.

He added: “Glycotest continues to produce compelling data and to advance steadily towards full commercialisation, and we expect significant progress for these two companies in the coming months.”

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