London, UK – June 26th 2017 – NetScientific plc (“NetScientific”, AIM:NSCI), the transatlantic IP commercialisation group focused on healthcare, provides an update on the series A fundraising being undertaken by its portfolio company Glycotest, a US-based diagnostics company, as outlined in the Circular issued to shareholders following the Company’s placing and subscription of new shares on 26 May 2017 (the “Circular”).
The Company continues to anticipate closing the Series A round within the second half of 2017, but does not now expect to sign the relevant documentation by the end of June 2017, as was previously stated as the Company’s aim in the Circular.
As at 31 December 2016 the NetScientific had invested £2.4 million in Glycotest. The Company expects that the delay will lead to an increase in its £0.5m expected spend in Glycotest in 2017, as stated in the Circular, but with overall spend remaining under £1.0m in 2017.
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For more information, please contact:
François R. Martelet, M.D., CEO
Ian Postlethwaite, CFO
Tel: +44 (0)20 3514 1800
Consilium Strategic Communications
Mary-Jane Elliott / Jessica Hodgson /
Chris Welsh / Laura Thornton
Tel: +44 (0)20 3709 5700
Stifel Nicolaus Europe Limited (NOMAD and Broker)
Jonathan Senior / David Arch / Ben Maddison
Tel: +44 (0) 20 7710 7600
NetScientific is an IP commercialisation group focused on healthcare with an investment strategy focused on sourcing, funding and commercialising technologies that significantly improve the health and well-being of people with chronic diseases. For more information, please visit the website at www.netscientific.net
Glycotest is a US based diagnostics company, developing biomarkers for clinical laboratory
services used in the diagnosis of liver cancers and fibrosis-cirrhosis, which the Directors
believe represents a $1 billion market opportunity. Its blood-based biomarkers take advantage
of sugar-related disease signals and the company has issued patents to over 50 serum proteins
with sugar structures that are altered in liver disease. The biomarkers are being developed into
tests and test panels intended for the surveillance of patients with serious liver disease.