logo-loader

NetScientific lifted as portfolio company PDS Biotechnology announces merger with Edge Therapeutics

Published: 13:27 26 Nov 2018 GMT

Merger arrows
Following the merger, NetScientific is expecting to own around 9.17% of the new company

NetScientific PLC (LON:NSCI) saw its shares lifted in early afternoon trading Monday as its portfolio company, PDS Biotechnology, entered into a merger agreement with Edge Therapeutics Inc (NASDAQ:EDGE).

The company, which specialises in commercialising healthcare IPs, said the all-share merger was expected to create a publicly traded biotech company specialising in immune-oncology and treatments for early and late-stage cancer.

READ: NetScientific portfolio company Vortex presents study to combine technology with impedance spectroscopy

NetScientific added that the new entity, likely to list on the Nasdaq, was expected to have enough cash to initiate multiple late-stage clinical studies for its lead product, PDS0101, aimed at treating cancers associated with human papilloma virus (HPV).

The new company would also have “a robust pipeline of next-generation cancer immunotherapies” based on PDS’s Versamune technology platform, as well as enough cash to fund operations to 2020.

Following the transaction, NetScientific said it was expected to own around 9.17% of the new entity, which would operate under the PDS Biotechnology Corporation name.

Francois Martelet, NetScientific’s chief executive, said the firm expected the merged company to “enjoy a good valuation with a lot of underlying upside potential as its pipeline progresses”.

With shares trading at around US$0.81 in pre-market in New York on Monday, Edge currently carries a market cap of around US$21.9mln.

Meanwhile, in London, NetScientific shares were up 1.9% at 27p.

Wanda Health discusses its recent AI developments

Wanda Health Inc CEO Tom Smith visits the Proactive London studio to speak with Thomas Warner after the Remote Patient Monitoring (RPM) company announced the start of a new fundraise. Smith gives an overview of what Wanda intends to do with the proceeds, highlighting the company's sharp focus...

on 16/1/24