TIDMNSCI
RNS Number : 5143D
NetScientific PLC
22 June 2023
For release on RNS: 07.00, 22 June 2023
NetScientific plc
("NetScientific" or the "Company")
Vortex Biotech Holdings Ltd GBP3.2 million Fundraising
NetScientific Plc (AIM: NSCI), the investment and
commercialisation group with an international portfolio of
innovative life science, sustainability and industrial technology
companies, is delighted to announce the completion of a new GBP3.2
million investment round in its portfolio company, Vortex Biotech
Holdings Limited ("Vortex"), led by EMV Capital ("EMVC").
Vortex is focused on developing its position in the
multi-billion dollar oncology liquid biopsy market.
Vortex's core technology allows for the capture and isolation of
intact, label-free and pure Circulating Tumour Cells ("CTCs") from
blood samples. Its mission is to be the innovation leader in CTC
capture technology that together with a range of downstream
workflows help to enumerate and characterise the CTCs to improve
therapeutic decision making and save lives. This exciting area will
provide researchers and clinicians with access to critical insights
from whole cancer cells that underpin one of the main causes of
metastasis, treatment resistance and disease recurrence,
contributing to a major shift in how cancer can be treated and
monitored.
Alongside the new investors into Vortex, NetScientific converted
its GBP0.4 million loan into equity. Following completion of the
fundraising, the total equity holding of NetScientific in Vortex is
now 24.98%, which equates to a post-investment fair value of GBP2.8
million, an increase of 300% from the GBP0.7 million reported as at
31 December 2022. In addition, following the introduction of
investors to Vortex by EMVC (the wholly-owned subsidiary, and the
corporate finance and venture capital arm, of NetScientific), the
NetScientific capital under advisory with Vortex is 13.90% of the
issued share capital.
Paul Jones, CEO of Vortex, commented:
"We are thrilled to welcome this new investment, enabled by EMV
Capital's fund-raising support. It helps us accelerate our plans
for a breakthrough in how CTCs can be used to inform oncology
treatment and monitoring. Precision diagnostics in combination with
innovations around targeted therapies are enabling remarkable
progress in personalised medicine. We're determined that Vortex
will play a major role in this space - in the short term at the
interface to biopharma and in the long term, in partnership with
clinical health systems worldwide."
Dr Ilian Iliev, CEO of NetScientific added:
"This transaction clearly showcases our unique ability to
combine a capital light investment approach with value creation
support for promising businesses. Following support by our value
creation services and fundraising team, the company is now ready to
accelerate its growth in the UK and US. With this new investment,
Vortex is well positioned to advance its presence in the
multi-billion dollar oncology liquid biopsy market."
The person responsible for arranging the release of this
announcement on behalf of the Company is Ilian Iliev, Chief
Executive Officer of the Company.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH
IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
-Ends-
For more information, please contact:
NetScientific
Ilian Iliev, CEO Via Belvedere Communications
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel / Enzo Aliaj +44 (0)20 7220
1666
Belvedere Communications
John West / Llew Angus +44 (0) 203 008 6867
Email: nsci@belvederepr.com
About NetScientific
NetScientific plc (AIM: NSCI) is an investment and
commercialisation group with an international portfolio of
innovative life science, sustainability and technology
companies.
NetScientific identifies, invests in, and builds high growth
companies in the UK and internationally. The company adds value
through the proactive management of its portfolio, progressing to
key value inflection points, and delivering investment returns
through partial or full liquidity events.
NetScientific differentiates itself by employing a capital-light
investment approach, making judicial use of its balance sheet and
syndicating investments through its wholly owned VC subsidiary, EMV
Capital. The group secures a mixture of direct equity stakes and
carried interest stakes in its portfolio of companies, creating a
lean structure that can support a large portfolio.
NetScientific is headquartered in London, United Kingdom, and is
admitted to trading on AIM, a market operated by the London Stock
Exchange.
www.netscientific.net
About Vortex
Vortex, which has benefited from c.$38.5 million in historical
investments in the US and Europe, has developed a "no touch"
microfluidic chip technology which captures intact, label-free and
pure circulating tumour cells (CTCs) from blood, with high yields.
These CTCs can then be analysed using a range of downstream
workflows that help characterise them. This will provide
researchers and clinicians with access to critical insights from
whole cancer cells that underpin one of the main causes of
metastasis, treatment resistance and disease recurrence.
Originally a spin-out from University of California, Los
Angeles, Vortex is now dually based in the UK and the Bay Area, US.
As the next phase of growth, Vortex will set up CTC Centres of
Excellence with an associated lab services business to serve
biopharma customers. This will help deliver a step change in the
use of CTCs to inform oncology treatment and monitoring. Longer
term, Vortex will look to build on academic and industry engagement
to open an interface into clinical health systems around the
world.
www.vortexbiosciences.com
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