NetScientific PLC Glycotest receives 2nd $3m tranche of $10m finance (1332U)
21 Noviembre 2019 - 1:01AM
UK Regulatory
TIDMNSCI
RNS Number : 1332U
NetScientific PLC
21 November 2019
NetScientific plc
("NetScientific" or the "Company")
Portfolio Company Glycotest Inc. receives the second $3 million
tranche
of the $10 million Series A financing
London, UK - 21 November 2019 - NetScientific plc (AIM: NSCI),
the transatlantic healthcare IP commercialisation Group, is pleased
to note that its portfolio company, Glycotest Inc. has received the
second $3 million tranche of the $10 million Series A financing
with Fosun Pharmaceutical Co. Ltd ("Fosun Pharma"), a leading
healthcare group based in China.
Ian Postlethwaite, CEO of NetScientific, said:
"Glycotest continues to make excellent progress. The $3 million
will enable the Company to advance its HCC Panel towards commercial
launch in the U.S. market and to support Fosun Long March Medical
Science Co. Ltd towards launch of the HCC Panel in China. We are
proud to be supporters of Glycotest who we believe has the strong
potential to deliver value for our shareholders."
# # #
Below is the full announcement made today by Glycotest Inc.:
Glycotest, Inc. Receives $3 Million Second Tranche of $10
Million Series A Financing
New York, NY-November 21, 2019. Glycotest, Inc., a diagnostics
company commercializing new and unique blood tests for life
threatening liver cancers and fibrosis-cirrhosis, announced today
that the Company has received the second $3 million tranche of the
$10 million Series A funding round from Shanghai Fosun
Pharmaceutical Co., Ltd. ("Fosun Pharma").
The focus of this strategic investment is the advancement of the
HCC Panel toward commercial launch in the United States, transfer
of the HCC Panel technology to Fosun Pharma's diagnostic subsidiary
for commercialization in China, and further development of pipeline
tests for liver fibrosis and cholangiocarcinoma, the second most
prevalent form of liver cancer. Under the terms of the agreement,
Fosun Pharma receives a 40% equity stake in Glycotest and an
exclusive license to manufacture and sell the Glycotest HCC Panel
blood test in China in return for a royalty on sales to Glycotest.
Funding of the remaining $4 million is due on completion of certain
remaining milestones.
Glycotest's HCC Panel is a unique algorithm-driven biomarker
panel that takes advantage of the Company's patented fucosylated
biomarker technology and is intended for surveillance of patients
known to be at risk for hepatocellular carcinoma (HCC). HCC is the
predominant form of primary liver cancer and fastest growing cause
of cancer death in the United States with an estimated three
million or more at-risk patients in the US who are eligible for HCC
surveillance testing. Currently, many patients with HCC are not
identified until they have later stage disease and are no longer
eligible for curative therapy because tests available now are
ineffective for identifying patients with curable early-stage HCC.
Three clinical studies involving over 480 patients have shown the
HCC Panel to be able to identify patients with curable early-stage
HCC more effectively than AFP, the currently dominant blood test
for HCC.
CEO Lawrence Cohen said, "The second tranche of our $10 million
Series A funding round will enable us to advance the clinical
validation study for the HCC Panel that we began at multiple major
US clinical sites earlier this year, and continue to progress
towards commercialization in the U.S. market. In addition, it
allows us to continue the support of Fosun Long March Medical
Science Co.,Ltd. as they make progress toward launch of the HCC
Panel in China."
About Glycotest, Inc.
Glycotest is a private liver disease diagnostics company
commercializing novel clinical laboratory testing services for
patients with serious liver disease. Glycotest employs unique
non-invasive blood tests based on proprietary serum biomarkers,
biomarker panels and assay technology that exploit novel
sugar-based disease signal chemistry. The Company's pipeline
includes tests for liver cancers as well as liver
fibrosis-cirrhosis. Glycotest's mission is to reduce mortality and
increase survival for the growing populations at risk due to
serious underlying liver disease, including both viral hepatitis
and non-viral forms of hepatitis such as NASH. Glycotest was
founded in 2012 on proprietary technology that originated at the
Philadelphia area institutions Baruch S. Blumberg Institute and
Drexel University College of Medicine. Learn more at www.Glycotest
Inc..com.
About Fosun Pharma
Established in 1994, Shanghai Fosun Pharmaceutical (Group) Co.,
Ltd. ("Fosun Pharma"; stock code: 600196.SH, 02196.HK) is a leading
healthcare group in the PRC. Adhering to the mission of improving
human health, Fosun Pharma's business covers all key sectors of
healthcare industry chain, including pharmaceutical manufacturing
and R&D, healthcare services, medical devices and medical
diagnosis, as well as pharmaceutical distribution and retail. Fosun
Pharma always regards innovation as the driving force for its
business growth. The company continuously optimized its
pharmaceutical R&D system that integrates biosimilars and
innovative drugs and has established international R&D teams in
China, the United States, India, etc., forming a globally
interactive R&D system. Fosun Pharma maintains a national
recognized enterprise technology center and establishes innovative
chemical drugs platform, biologics platform, high-value generic
drugs platform and cell-therapy platform. At present, Fosun Pharma
maintains the leading position with its core products in various
therapeutic areas, including oncology, cardiovascular system,
central nervous system, blood system, metabolism and alimentary
system and anti-infection. All products occupy the leading position
in each market segment.
# # #
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For more information, please contact:
NetScientific Tel: +44 (0)20 3514 1800
Ian Postlethwaite, CEO / CFO
WHIreland (NOMAD, Financial Adviser Tel: +44 (0)20 7220 1666
and Broker)
Chris Fielding / Darshan Patel
MO PR ADVISORY (Press Contact) Tel: +44 (0)78 7644 4977
Mo Noonan
About NetScientific
NetScientific PLC is a transatlantic healthcare IP
commercialisation Group focused on technologies and companies that
have the potential to treat chronic disease and significantly
improve the health and well-being of people.
For more information, please visit the website at
www.NetScientific.net
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