NetScientific PLC Glycotest Receives First $3m Tranche from Fosun (0477Q)
14 Fevereiro 2019 - 10:07AM
UK Regulatory
TIDMNSCI
RNS Number : 0477Q
NetScientific PLC
14 February 2019
NetScientific plc
("NetScientific" or the "Company" or the "Group")
Glycotest Inc. Receives $3 Million Initial Tranche from $10
Million Series A Financing
London, UK - February 14, 2019 - Further to its earlier related
announcement on 22 October 2018, NetScientific plc
("NetScientific", AIM: NSCI), the transatlantic healthcare IP
commercialisation group, announces that its portfolio company
Glycotest Inc. has received the initial $3m tranche of the $10m
Series A financing round with Shanghai Fosun Pharmaceutical Co.,
Ltd. ("Fosun Pharma"), a leading healthcare group based in
China.
This initial tranche will primarily serve to drive Glycotest's
proprietary HCC Panel towards commercialisation in the US and to
transfer the technology to Fosun Pharma, who will commercialise it
in China.
Funding of the remaining $7m is due on completion of certain
milestones.
Commenting on the news, NetScientific's Chief Executive Officer
and Chairman of Glycotest Inc., Francois R. Martelet said: "The
receipt of the first tranche of financing will kickstart
Glycotest's commercialisation activities and moves them closer to
becoming the first company to commercialise an assay for the early
detection and surveillance of early-stage liver cancer, where there
is a huge unmet need. We are proud that Glycotest's ongoing efforts
are materialising into tangible results and look forward to the
progress to come."
The full text of the announcement from Glycotest Inc. can be
found below.
# # #
For more information, please contact:
NetScientific Tel: +44 (0)20 3514 1800
François R. Martelet,
M.D., CEO
Ian Postlethwaite, CFO
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh Tel: +44 (0)20 3709 5700
/ Laura Thornton netscientific@consilium-comms.com
WHIreland (NOMAD and Broker) Tel: +44 (0)20 7220 1666
Chris Fielding / Jessica Cave
/ Chris Viggor
Glycotest, Inc. Receives $3 Million First Tranche of $10 Million
Series A Financing
New York, NY-February 14, 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 first $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 $7 million is due on completion of certain
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, "Now that Glycotest has received the
first tranche of our $10 million Series A funding round we can
begin the important work of making the HCC Panel available to
physicians and patients in the US and China who need an effective
test for detecting curable early-stage liver cancer."
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.
About NetScientific
NetScientific is a transatlantic healthcare technology group
with an investment strategy focused on sourcing, funding and
commercialising technologies that significantly improve the health
and well-being of people with chronic diseases. For more
information, please visit the website at www.netscientific.net.
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