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.
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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."