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NetScientific surges after portfolio company Glycotest secures funding

Published: 10:23 22 Oct 2018 BST

Liver
Hepatocellular carcinoma is the most common form of primary liver cancer

NetScientific PLC (LON:NSCI), the healthcare intellectual property commercialisation group, said its portfolio company Glycotest Inc has agreed on terms of a funding round.

The US$10mln Series A financing round is with Shanghai Fosun Pharmaceutical, a leading healthcare group based in China.

READ: NetScientific’s portfolio company Glycotest unveils positive data from clinical evaluation of its liver cancer test

The transaction includes an equity investment of an upfront initial tranche of US$3mln, with the remaining US$7 million due on the completion of certain milestones. If Shanghai Fosun stumps up the full amount it will end up with a 40% interest in Glycotest Inc, a company that is focused on developing blood tests for liver cancer.

The proceeds from the financing round will be used to bring Glycotest's diagnostic HCC Panel, a biomarker panel driven by a proprietary algorithm for the detection and surveillance of curable early-stage hepatocellular carcinoma (HCC), towards commercialisation in the US and to advance pipeline assets in liver fibrosis and cholangiocarcinoma (bile duct cancer).

"The agreement of this financing round marks a pivotal moment for Glycotest Inc. and will set in motion the final stage of its progression towards commercialisation in the US,” claimed Francois Martelet, the chairman and chief executive officer of Netscientific.

"This key event will also help NetScientific realise the true value of its portfolio, and we foresee further upside in the very near future.

"We are excited to collaborate with Fosun Pharma, to make the HCC Panel available in the Chinese market, where the prevalence of HCC is very significant and the incidence is growing,” he added.

Shares in Netscientific were up 6% at 28.5p in mid-morning trading.

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