logo-loader

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

Published: 12:32 14 Feb 2019 GMT

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."

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