Proactive Investors - Run By Investors For Investors

NetScientific says portfolio company Glycotest receives initial US$3mln tranche from Fosun Pharma

The group said the initial tranche will primarily serve to drive Glycotest's proprietary HCC Panel towards commercialisation in the US and to transfer the technology to Fosun
IP
Netscientific added that funding of the remaining US$7mln is due on completion of certain milestones

NetScientific PLC (LON:NSCI) revealed that its portfolio company Glycotest Inc. has received the initial US$3mln tranche of the US$10mln Series A financing round with Shanghai Fosun Pharmaceutical Co. Ltd., a leading healthcare group based in China.

The AIM-listed transatlantic healthcare IP commercialisation group, said the initial tranche will primarily serve to drive Glycotest's proprietary HCC Panel towards commercialisation in the US and to transfer the technology to Fosun Pharma, who will commercialise it in China.

READ: NetScientific says continuing to assess all remaining strategic options after closing formal sale process

It added that funding of the remaining US$7mln is due on completion of certain milestones.

NetScientific's chief executive officer and chairman of Glycotest Inc., Francois R. Martelet commented: "The receipt of the first tranche of financing will kickstart Glycotest's commercialisation activities and moves them closer to becoming the first company to commercialise an assay for the early detection and surveillance of early-stage liver cancer, where there is a huge unmet need.

“We are proud that Glycotest's ongoing efforts are materialising into tangible results and look forward to the progress to come."

View full NSCI profile View Profile

Netscientific PLC Timeline

Related Articles

antibodies
May 02 2019
Avacta is using Affimers to develop its own cancer therapy, but it also licenses the technology to other companies, including major pharma group ModernaTX and LG Chem Life Sciences
cannabis
February 27 2019
The company is a leader for dried flower vaporizers, and a pioneer in cannabis telemedicine and AI technologies
scientist in a lab
April 12 2019
Danish giant Novo Nordisk recently signed up to use its NDD platform, and bosses expect more collaboration deals in the coming months

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use