NetScientific PLC NetScientific Invests in Breakout Labs Companies (0808N)
23 Julho 2014 - 4:27AM
UK Regulatory
TIDMNSCI
RNS Number : 0808N
NetScientific PLC
23 July 2014
23 July 2014
NetScientific invests in a further two Breakout Labs portfolio
companies
NetScientific plc (AIM:NSCI, 'NetScientific' or 'The Group'),
the biomedical and healthcare technology investment group, is
pleased to announce it has made a further two investments in
portfolio companies from Breakout Labs, Peter Thiel's revolving
philanthropic fund that supports early-stage companies working on
technological breakthroughs.
G-Tech Medical is developing a wireless, wearable, disposable
patch, which will help diagnose the root causes of Functional
Gastrointestinal Disorders ('FGIDs'). FGIDs afflict more than 60
million people annually in the US, and are a large burden to the
health care system. The G-Tech patch will measure and characterize
the activity of the main digestive organs under normal daily
conditions to help pinpoint the source of the dysfunction. It will
allow physicians to quickly determine that a functional problem
exists, in many cases allowing them to skip the current invasive,
expensive anatomic testing sequence. By identifying the specific
source and nature of the dysfunction it will enable them to more
effectively target their therapies, bringing relief to patients
faster and at lower cost.
Longevity Biotech is developing an entirely new approach to
therapeutics development via artificial protein technology
("Hybridtides"). Hybridtides(R) are peptide molecules that contain
both <ALPHA>- and <BETA>-amino acid subunits, which
makes them resistant to breakdown by natural digestive enzymes,
tunable to very stable conformations, and able to mimic
information-rich surfaces displayed by natural proteins or
peptides, enabling new drug designs which are more stable and more
clinically active. Current work will establish the platform's
potential in a clinically important indication in cardiovascular
disease, pulmonary arterial hypertension.
The new investments represent the first outside financing for
both G-Tech and Longevity Biotech.
Farad Azima, CEO of NetScientific commented:
"We are delighted to continue working with Breakout Labs in
their quest to identify and foster revolutionary life science
companies at the forefront of scientific innovation. Longevity
Biotech and G-Tech Medical are two such examples of innovative
technologies in areas of clinical importance which will transform
the lives of patients."
For further information, please contact:
Liberum (Nomad & Broker) Tel: 020 3100 2000
Chris Bowman/Christopher Britton/Thomas
Bective
Bell Pottinger Tel: 020 7861 3232
Daniel de Belder/Kashara Taylor
Company website:www.netscientific.net
ABOUT NETSCIENTIFIC
NetScientific is a healthcare and life sciences company with
global reach that funds and develops technologies that offer
transformative benefits to peoples' lives and society through
improved diagnosis, prognosis and treatment.
ABOUT BREAKOUT LABS
Breakout Labs, a program of the Thiel Foundation, is reshaping
the way early-stage science and technology companies are funded.
Founded in November 2011, Breakout Labs has supported 19 companies
in areas ranging from food science and biomedicine to clean energy.
For many of these companies, Breakout Labs was the first external
investor. Breakout Labs provides up to $350,000 for companies to
achieve specific milestones that are critical to their development.
In addition to funding, Breakout Labs companies benefit directly
from a program of mentorship and networking, with access to the
Thiel Foundation's large community of investors, innovators, and
entrepreneurs. Successful grantees return a capped royalty stream
and a small percentage of equity in their company to Breakout Labs
and thereby contribute to the next generation of scientific
innovation. For more information, www.BreakoutLabs.org.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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