3 April 2017

NetScientific Full Year Results for the year ended 31 December 2016

 

London, UK – 3 April 2017 - NetScientific plc (AIM: NSCI), the transatlantic healthcare IP commercialisation Group, announces its preliminary results for the year ended 31 December 2016 (which have been extracted from audited accounts that have not yet been delivered to Companies House).

Operational highlights:

Portfolio progress:

Vortex BioSciences

Gained CE Mark and FDA Class 1 Registration for its liquid biopsy VTX-1 system
Studies presented at the American Association for Cancer Research (AACR) support the application of Vortex's VTX-1 product

Prominent advisors appointed to the Scientific Advisory Board led by Massimo Cristofanilli, M.D.
Appointment of Deborah Neff, ex Chief Operating Officer of Complete Genomics, as Non-Executive Director
Exclusive license of a series of four patents covering a cell electroporation technology from Harvard University
Co-founder and Chief Scientific Advisor, Professor Dino Di Carlo, received the US PresidentialEarly Career Award for Scientists and Engineers, for devising a first-of-its-kind technique

Glycotest

Medical Advisory Board formed, including prominent experts in liver disease to advise on the development of diagnostic test for liver related diseases

Strengthened its intellectual property portfolio with Japanese Patent grant

HCC Panel clinical validation study plan developed, with investigators and sites identified

ProAxsis

Successfully registered a CE Mark to enable commercialisation in laboratories of its respiratory test, a new ProteaseTag® Active Neutrophil Elastase Immunoassay (NE), for chronic respiratory diseases including COPD and

Cystic Fibrosis

Established a prominent Scientific Advisory Boardto support the development of its ProteaseTag® activity-based immunoassays and point-of-care tests

NE immunoassay highlighted as highly predictive for future respiratory exacerbations in University of Dundee publication (American Journal of Respiratory and Critical Care Medicine, December 2016)

Company awarded research grants from BioMedical Catalyst, Invest Northern Ireland and Innovate UK

Wanda

Foad Dabiri was appointed Chief Executive Officer, taking over from Steve Curd, to refocus Wanda on its core strategy and progress the Company through its commercialisation phase

Formation of Scientific Advisory Board, including distinguished physicians, health economics scientists, and technologists

Signed contract with Health Resource Solutions, enabling the organisation to use WANDA's chronic condition digital management platform to provide improved at home care to its patients

Wanda selected by Los Angeles-based 24Hr HomeCare to provide its predictive analytics and behavioural guidance technology to improve outcomes for at risk-patients and reduce hospital readmissions

Collaborative deal with one of the US's biggest hospital groups, Dignity Health, to launch OncoVerse, a digital health oncology care platform

PDS Biotechnology

Positive Phase I study results for its PDS0101 immunotherapy for HPV-related cancers and initiates planning for upcoming Phase II clinical trials in several HPV-related cancers

Signed a Co-operative Research and Development Agreement with the National Cancer Institute, a division of the US National Institutes of Health, to co-develop new cancer immunotherapies through Phase II clinical trials

Appointed Dr Robert Shepard, M.D., F.A.C.P. as Chief Medical Officer and Dr Panna L. Dutta, Ph.D. as Vice President of Drug Development and Manufacturing

NetScientific converts warrants and loan to increase shareholding from 14.85% to 17.4%

Corporate highlights:

Appointment of Ian Postlethwaite as Chief Financial Officer
Professor Stephen Smith joined the Board as Non-Executive Director of NetScientific

Financial highlights:

Loss after tax of £13.1m (2015: loss £12.7m) reflecting our business model, where the portfolio companies are largely subsidiaries developing their technologies and are therefore currently loss making

Available cash resources of £9.5m (at 31 December 2015: £23.2m). Cash used in operations was £12.9 million (2015: £10.7 million)

Post year end highlights:

Vortex BioSciences

Liquid biopsy VTX-1 commercially launched in 2017

Glycotest

Peer review publication: “Changes in the glycosylation of kininogen and the development of a kininogen based algorithm for the early detection of HCC”

“NetScientific is a strong healthcare IP commercialisation group with a world-class portfolio of disruptive technologies, led by experienced management teams."

"2016 was a year of execution, where we focused on delivering the individual development milestones within each of our portfolio companies, paving the way in 2017 for continued progress and maturation of our investments. "

"We continue to believe that we have a world-class portfolio of companies, experienced and relevant management teams and the business and financing strategies to support their development and attract the necessary third-party validation capital.”

Francois Martelet

CEO of NetScientific

Meeting and conference call for analysts

Francois Martelet, Chief Executive Officer, and Ian Postlethwaite, Chief Financial Officer, will hold a presentation and simultaneous conference call with Q&A for analysts today at 09:30 at the offices of Stifel Nicolaus Europe Limited at 150 Cheapside, London, EC2V 6ET. Gene Walther, Chief Executive Officer of Vortex BioSciences, and Foad Dabiri, Chief Executive Officer of WANDA, will join via the conference call to give updates on the progress of their respective businesses. The presentation will be available on NetScientific’s website shortly before the call at http://netscientific.net/investors/presentations.

Participant dial-in: 08006940257

International dial-in: +44 (0) 1452 555566

Participant code: 67358107

For more information, please contact: 

NetScientific
François R. Martelet, M.D., CEO
Ian Postlethwaite, CFO
Tel: +44 (0)20 3514 1800

Stifel Nicolaus Europe Limited (NOMAD and broker)
Jonathan Senior/ David Arch/ Ben Maddison
Tel: +44 (0)20 7710 7600

Consilium Strategic Communications
Mary-Jane Elliott / Jessica Hodgson / Chris Welsh / Laura Thornton 
Tel: +44 (0)20 3709 5700
netscientific@consilium-comms.com

About NetScientific

NetScientific is a transatlantic healthcare technology group 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

This announcement contains certain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward looking statements. Any forward-looking statements made by or on behalf of the Group are made in good faith based on the information available at the time the statement is made. No representation or warranty is given in relation to these forward-looking statements, including as to their completeness or accuracy or the basis on which they were prepared, and undue reliance should not be placed on them. The Group does not undertake to revise or update any forward-looking statement contained in this announcement to reflect any changes in its expectations with regard thereto or any new information or changes in events, conditions or circumstances, save as required by law and regulations. Nothing in this announcement should be construed as a profit forecast.

*** For full results statement please see attached pdf document ***

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