28 September 2017

NetScientific Interim Results for the six months ended 30 June 2017

 

London, UK - 28 September 2017: NetScientific plc (AIM: NSCI), the transatlantic healthcare IP commercialisation Group, today announces its interim results for the six months ended 30 June 2017.

 

Operational highlights

 

  • First successful exit for NetScientific following sale of portfolio company Wanda’s stake in Oncoverse to BTG plc, representing an excellent return on NetScientific's initial investment
  • Fundraise in June 2017 of £8.1m gross

 

Financial highlights

 

  • Loss after tax of £5.2m (H1 2016: loss £6.4m) reflecting development stage of portfolio
  • Available cash resources of £11.3m (at 31 December 2016: £9.5m)

 

Portfolio progress

 

  • Vortex BioSciences
  • Introduced VTX-1 Liquid Biopsy System into the research market at the Molecular Medicine Tri Conference (Tri-Con) Annual Meeting 2017, with key placements including UCLA and Stanford University
  • Two proof of concept trials initiated in collaboration with UCLA, designed to validate the use of circulating tumour cell (CTC) evaluation to help identify suitable patients for immunotherapy treatment
  • Two high-impact papers, in collaboration with Stanford University and UCLA, published in Nature Communications. The papers add to a growing body of literature supporting the VTX-1 instrument’s role in enhancing our understanding of cancer biology
  • Glycotest
  • Continued development of non-invasive blood tests for liver cancers and fibrosis-cirrhosis
  • Working to secure a Series A financing in H2 2017
  • ProAxsis
  • Secured second licensing agreement with Queen’s University Belfast for exclusive intellectual property rights to modifications of its ProteaseTag® technology, enabling measurement of active protease biomarkers of disease
  • Initiated a strategic partnership with Innovate UK, providing funding to further expand the ProteaseTag® technology platform to active pancreatic elastase and potential evaluation of pancreatic insufficiency
  • Wanda
  • Stake in Oncoverse digital health product sold to BTG plc. The sale represented a good return on investment and a successful exit from Wanda’s first downstream application
  • Despite market challenges, the focus continues on enhancing technical capabilities, analytical ability and customer support infrastructure
  • PDS Biotechnology
  • Continued development of Versamune®, the synthetic T-cell activating nanoparticle platform, into potential ground-breaking treatments for pre-cancer, cervical cancer and head & neck cancers

 

 

 

Post period-end highlights

 

  • Glycotest was awarded a European patent and patents in the United States and Australia have also been allowed. These patents significantly extend protection for Glycotest’s core technology for early detection of life threatening liver disease
  • PDS announced a commercial partnership with Merck & Co., Inc to evaluate its Versamune®-based PDS0101 immunotherapy treatment with Merck & Co., Inc.’s anti-PD-1 therapy, KEYTRUDA® (pembrolizumab) in a phase II clinical trial
  • ProAxsis appointed Diagenics Limited as the distributor for its ProteaseTag® Active Neutrophil Elastase Immunoassay in Great Britain and Ireland. The appointment is expected to accelerate the commercial uptake of ProAxsis’ technology, increasing near-term sales potential for ProAxsis
  • ProAxsis signed a partnership agreement to develop activity-based immunoassays for two key respiratory proteases, utilising its novel ProteaseTag® technology. The unnamed partner is a large biotechnology company, headquartered in the US with a focus on developing new therapeutic options for patients with rare diseases
  • ProAxsis completed the product development process for NEATstik®, a novel point-of-care test for measuring active neutrophil elastase. Resultantly, ProAxsis successfully registered the NEATstik® with a CE Mark and is now able to initiate sales throughout Europe

“All of our core portfolio companies continued to advance their commercial operations, positioning the portfolio for continued commercial momentum in H2 2017. In particular, we are delighted that PDS has announced a Phase IIb trial in partnership with Merck. The ProAxsis CE mark represents a pivotal step in the commercial development of ProAxsis, paving the way for increased future sales potential, whilst Glycotest was recently awarded a European patent, in addition to the two patents which have been allowed in Australia and the US, expanding the potential for Glycotest’s future product commercial launch. “We are pleased to have underpinned this operational progress with a successful £8.1m fundraise in June 2017 with the continued support of our existing investor base as well as new investors. Over the next six months we will focus on supporting our portfolio companies through these critical stages of commercialisation and development. We continue to see great commercial potential and inherent business value for each of our portfolio companies”

Francois R Martelet

CEO of NetScientific

A presentation for analysts will be held at the offices of Consilium Strategic Communications at 41 Lothbury, London EC2R 7HG at 11.00am on 28 September 2017.

 

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                                         Tel: +44 (0)20 3709 5700

/ Chris Welsh / Laura Thornton                                                  netscientific@consilium-comms.com

 

About NetScientific Plc

 

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

 

 

***Please read the full release here***

 


Back to previous page