TIDMNSCI
RNS Number : 5256E
NetScientific PLC
30 June 2023
For release on RNS: 07.00, 30 June 2023
NetScientific plc
("NetScientific" or the "Company")
DName-iT Holdings Limited c.GBP500,000 Fundraising
NetScientific Plc (AIM: NSCI), the deep tech and life sciences
VC investment group, is pleased to announce the completion today of
a c.GBP500,000 third party investment into its portfolio company
DName-iT Holdings Limited ("DName-iT"), a pioneering company in the
genetic analysis industry and a spin-out from the world leading
research institution Katholieke Universiteit Leuven, Belgium.
DName-iT is looking to support the Laboratories industry, which
is under increasing pressure to deliver accurate Next Generation
Sequencing ("NGS") testing for eligibility for novel oncology
treatments and other critical advances in personalised
medicine.
The investment round was led by EMV Capital (the wholly-owned
subsidiary, and the corporate finance and venture capital arm, of
NetScientific), supported by both EMV Capital investors and the
Gemma Frisius Fund, a venture seed capital fund formed jointly by
Katholieke Universiteit Leuven, KBC Group, and BNP Paribas. The
fundraising includes the conversion of advanced subscription monies
and further subscriptions for equity investment, fuelling the
continued growth and development of DName-iT.
DName-iT has developed an advanced, scalable platform to deliver
simple, cost-effective specimen authentication and identify both
specimen and reagent contamination issues in laboratory tests using
NGS. NGS is used increasingly for neonatal and oncology analyses
where mistakes can be critical and pathology providers are under
increasing pressure to ensure accuracy. DNames(R) are a proprietary
molecular barcoding system that, when combined with DName-iT's
software tools, can deliver traceability for patients' blood,
saliva and extracted-DNA specimens, alongside insights into the NGS
process such as highlighting reagent contamination. This
cutting-edge technology positions DName-iT, in the Board's opinion,
as a pioneer in a rapidly growing genetic analysis industry where
accurate, reliable and cost effective NGS is becoming central to
the delivery of personalised medicine.
The investment is expected to enable DName-iT to accelerate
further industry pilots, already started in Europe and planned for
the USA, validating its technology and commercial strategy prior to
product launch and commercial sales. The funds will also support
the expansion of the team to drive future growth, and allow
additional investment in the software underpinning DNames(R).
Following completion of the fundraising, the total equity
holding of NetScientific in DName-iT, held through its 75 per cent.
stake in CetroMed Limited acquired in December 2021, is now 36.9
per cent, which equates to a post-investment fair value of GBP0.83
million, an increase of 730 per cent. from the GBP0.1 million
reported as at 31 December 2022. In addition, the NetScientific
capital under advisory with DName-iT has 14.8 per cent. of the
issued share capital.
Following the addition of DNameIT to NetScientific's portfolio
in December 2021, the EMV Capital team put in place a value
creation plan that has seen the company restart its activities,
restructure the business, build a collaboration with ProAxsis Ltd
(a NetScientific portfolio company), put in place support through a
strong core management team, commence pilots and raise initial
funding.
Kevin Dean, interim CEO of DName-iT said:
"This injection of capital underscores the confidence placed in
DName-iT by both EMV Capital investors and the Gemma Frisius Fund,
affirming our potential to support with specimen and process
assurance the rapid growth of NGS testing in medicine. This
fundraising will amplify our go-to-market efforts by enabling us to
further validate our technology, strengthen our team, invest in
research and development, and cement supply chain partnerships
ready for formal product launch."
Dr Ilian Iliev, CEO of NetScientific added:
"We are delighted that EMV Capital assisted DName-iT,
recognising the company's potential to accelerate the growth of
personalised medicine. This fund raise demonstrates the benefits
and impact of NetScientific's differentiated investment strategy,
combining value creation services and capital light investment
approach, working closely with our University partners and driving
portfolio synergies. This multi-faceted strategy shows the scope
for novel business models in the financing of innovation in the
life sciences industry".
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 deep tech and life sciences VC
investment group with an international portfolio of innovative
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 DName-iT
DName-iT is a spin-out from the world-renowned Katholieke
Universiteit Leuven, and is developing a platform to improve the
accuracy and elimination of errors in genetic testing in
high-priority areas such as cancer diagnostics, precision medicine
and non-invasive prenatal testing.
To avoid sample authentication errors and to correct for sample
contamination in NGS workflows, DName-iT has created a proprietary
molecular barcoding system, called DName(R) barcodes that allows
the detection of sample swaps and contamination.
Once the DName(R) barcodes are spiked into the samples, the
barcode stays with the patient genetic code throughout the process,
irrespective of the number of sample handling and transfer steps.
In the end the results of the genes of interest are read as well as
the DName(R) barcodes, where the laboratory can confirm the patient
identity, avoiding independent patient validation steps such as
additional SNP fingerprint testing, not only making the entire NGS
workflow less time-consuming, but also more cost efficient.
www.dnameit.com
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