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NetScientific soars as it sells stakes in Vortex Biosciences and Wanda for £150,000

The group said after the close on 22 March that it would use the proceeds of the sale towards its ongoing working capital requirements
Scientist
NetScientific had previously said it was planning to wind up the two companies

NetScientific PLC (LON:NSCI) shares soared in mid-morning trading on Monday after it sold its stakes in portfolio companies Vortex Biosciences Inc and Wanda Inc to investment firm EMV Capital Ltd for £150,000.

The group, which invests in development stage medical and healthcare businesses, said after the close on 22 March that it would use the proceeds of the sale towards its ongoing working capital requirements.

READ: NetScientific portfolio companies Vortex Biosciences and Wanda to be wound up

EMV had previously tried to acquire Vortex and Wanda earlier that week, but NetScientific had rejected the offer after concluding “the level of consideration offered is not sufficient to justify the company continuing to provide the necessary financial support to Wanda and Vortex” while it carried out due diligence and negotiations.

However, the company said the new offer with revised terms had addressed its previous concerns “satisfactorily”.

NetScientific had previously said it was planning to wind up the two companies, having held stakes of 95% and 70.8% in Vortex and Wanda respectively.

Vortex develops a liquid biopsy platform that collects circulating tumour cells (CTC) for signs of cancer, while Wanda has developed a method of remotely monitoring people with congestive heart failure and other chronic conditions.

Shares were up 33.7% at 11.7p.

--Adds share price--

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