Proactive Investors - Run By Investors For Investors

NetScientific to focus on extending lifespan as CEO reiterates confidence in portfolio firms

CEO Ian Postlethwaite said the healthcare commercialisation firm had taken measures to reduce its central function costs and was expected to have sufficient cash to operate until the end of 2020
Scientist
The firm ended 2018 with a cash balance of £2.9mln, which had increased to £3mln as of 30 April

NetScientific PLC (LON:NSCI) chief executive Ian Postlethwaite has reiterated the group’s confidence in its remaining portfolio companies, adding that the company would use its cash reserves to focus on extending its lifespan.

The CEO of the healthcare commercialisation firm said in its full-year results that after selling its interests in the Vortex Biosciences and Wanda companies for £150,000 in March, the company had taken measures to reduce its central function costs and was expected to have sufficient cash to operate until the end of 2020.

READ: Netscientific surges as peer-reviewed article confirms potential of PDS Biotech’s Versamune immunotherapy platform

Two of the company’s portfolio firms, Glycotest and PDS Biotechnology, did not require further funding, while the final firm, ProAxsis, required only a small injection of £100,000 to meet operational requirements which would be repayable in 2019.

For the year ended 31 December 2018, NetScientific reported a loss from continuing operations of £4mln, less than the £4.2mln loss the year before, while revenues rose to £245,000 from £171,000.

The firm also ended the year with a cash balance of £2.9mln, which had increased to £3mln as of 30 April.

In early trading on Wednesday, the shares were down 5.4% at 8.8p.

View full NSCI profile View Profile

Netscientific PLC Timeline

Related Articles

doctor
June 11 2019
Oncimmune is a specialist in the field of immunodiagnostics
pills
January 15 2019
Under former chief executive Peter George and his successor Shaun Chilton, Clinigen has been transformed via a series of well-judged, quickly integrated and cash generative acquisitions
scientists in a lab
January 30 2019
The technology first drew the attention of ChemioCare CEO Pedro Lichtinger years ago while he oversaw Pfizer's global primary care business

© 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