London, UK - 1 October 2015 - NetScientific (AIM: NSCI), the transatlantic biomedical and healthcare technology group today announced its half year results for the six months ended 30 June 2015.
Highlights
• Vortex BioSciences – VTX-1 instrument scheduled for Beta launch by the end of 2015. Received critical grants for four of its ten patent families.
• Wanda has begun commercialisation activities, initially though Triventis Health, and expects first revenues from pilots in Q4 2015.
• François R. Martelet, M.D. appointed to the Board as CEO on 8 June 2015.
• Realignment of portfolio to solely focus on healthcare with a strategic focus on three main healthcare sub-sectors - digital health, diagnostics and therapeutics. Process of divestment begun of non-performing assets and assets which fall outside this area.
• Loss after tax of £5.3m (H1 2014: loss £2.6m).
• Available cash resources of £11.1m (31 December 2014: £16.9m).
Post period end
• On-going Group reorganisation commenced with the appointment of a CEO in Wanda, part of a focused effort on strengthening portfolio company management and streamlining central costs.
• Sale of investment in Frontier Biosciences Limited and repayment of loans for combined consideration of £0.75m.
• Announced separately today a proposed fundraising of £18.0 million (before expenses) to accelerate primarily development of the Group’s two lead portfolio companies, Vortex and Wanda.
Sir Richard Sykes, Chairman of NetScientific said:
“The past six months have been transformative for the Group with the appointment of a new Group CEO, a comprehensive review of the portfolio and overall strategy, and the resulting focus on digital health, diagnostics and therapeutics only.
“Strong progress has been made in our portfolio companies, particularly Vortex and Wanda, which are about to enter into their commercialisation phases.
“We have a clear road map for the development of our portfolio companies and with the proposed fundraising today, we will be well positioned to deliver significant shareholder value.”
To see the full statement, please click here.
- ENDS -
Notes To Editors
About NetScientific
NetScientific is a transatlantic biomedical and healthcare technology group with a differentiated investment strategy focused solely on digital health, diagnostics and therapeutics. The Group’s objective is to source, fund and commercialise companies that significantly improve the lives of people with chronic diseases.
For more information, please visit the website at www.netscientific.net.
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