TIDMNSCI
RNS Number : 2918R
NetScientific PLC
29 June 2020
NetScientific plc
("NetScientific" or the "Company")
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
G - Tech Medical, Inc. ("G - Tech") announces completion of
$6.7m Series A financing round led by DigiTx Partners
NetScientific plc (AIM:NSCI), the transatlantic healthcare IP
commercialisation group, announces that its venture portfolio
company G - Tech Medical ("G - Tech") today announced the
completion of $6.7m Series A financing round led by DigiTx
Partners.
NetScientific held a convertible loan note of $250,000, together
with accrued interest, that had previously been fully impaired to
GBPNil. As part of the Series A financing the convertible loan note
and interest converted to Series A Preferred Shares and Common Form
Convertibles with a fair value, based on the financing round, in
excess of GBP400,000. NetScientific now holds 3.8% of G - Tech's
fully diluted share capital.
G - Tech is developing a wearable medical technology that will
be used to measure gastrointestinal motility.
Dr Iliev (Interim CEO of NetScientific) commented:
"This is a further example of the value lying in the
NetScientific portfolio following the successful funding rounds in
CytoVale, Inc., which in December 2019 raised $15 million in
financing, for technology enabling early sepsis detection in the
emergency department, valuing NetScientific's interest, which had
previously been written off, at GBP380,000; and Epibone, Inc.,
which in January 2020 raised a $8 million series seed round, at
which point NetScientific converted a convertible loan note of
$250,000 plus interest into an equity investment valued at
GBP324,000."
# # #
About G - Tech Medical, Inc.
G-Tech is developing a wearable medical technology that will be
used to measure gastrointestinal (GI) motility. The G-Tech system
will consist of wireless, wearable electrode patches that read
electrical signals at the skin surface, a smartphone app that
collects the raw data from the patches via Bluetooth LE and sends
it to a cloud server, and data analysis algorithms that process and
quantify the motor activity of the digestive organs. The system is
currently under development.
The patches will be conforming, water resistant, thin, light and
completely non-invasive. Although wearable and smartphone
connected, the G-Tech system will be a medical device that will be
used under the supervision of physicians rather than a consumer
item.
G-Tech's Patch System will be focused on meeting market driven
and clinical needs to create a new standard of care that both
dramatically improves outcomes and reduces costs associated with GI
conditions. The system will have the potential to transform care
for patients, providers and institutions. For further information
see www.gtechmedical.com .
About DigiTx Partners
DigiTx Partners invests in and supports early to growth stage
startup companies in the digital health space. We seek out
innovative founders and leaders who are driving change across
healthcare and life sciences through technology and meaningful
data. For further information see
https://www.digitxpartners.com
About CytoVale, Inc.
CytoVale is developing mechanical biomarkers to improve human
health through probing individual cells to quantify the mechanical
signatures of disease. The first target is sepsis, a condition
whose early detection dramatically improves patient outcomes and
reduces treatment cost, where CytoVale has enrolled a multi-hundred
patient clinical study, which has the potential to significantly
reduce morbidity and mortality, decrease healthcare costs, and
satisfy a $1B+ diagnostic market. For further information see
http://cytovale.com .
About Epibone, Inc.
EpiBone is a revolutionary bone reconstruction company that
allows patients to "grow their own bone". EpiBone's pioneering
technology utilizes a scan of the patient's bone defect and the
patient's own stem cells to construct and cultivate a
defect-specific autologous-like living bone graft. EpiBone is
strategically positioned to provide a superior bone graft that will
provide exact defect repair, a simplified surgical procedure,
improved bone formation and regeneration, and shorter recovery
times, without the complications of foreign body implantation, to
the over 900,000 patients who undergo bone-related surgeries each
year. For further information see https://www.epibone.com .
# #
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Following the
publication of this announcement, this inside information is now
considered to be in the public domain.
For more information, please contact:
NetScientific
Ilian Iliev, CEO Tel: +44 (0)20 3514 1800
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel Tel: +44 (0)20 7220 1666
MO PR ADVISORY (Press Contact)
Mo Noonan Tel: +44 (0)78 7644 4977
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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