TIDMNSCI
RNS Number : 0706C
NetScientific PLC
16 June 2021
NetScientific plc
("NetScientific", the "Group" or the "Company")
NetScientific participates in PDS Biotechnology $45m equity
issue and related party transaction
London, UK - 16 June 2021 - NetScientific plc (AIM: NSCI), the
international life sciences and sustainability technology
investment and commercialisation Group, announces that its
portfolio company PDS Biotechnology Corporation ("PDS") (Nasdaq:
PDSB) yesterday announced an issue of c.5.3 million new shares of
common stock to raise gross proceeds of c.USD45 million ("New
Issue"). NetScientific currently owns 1,278,000 shares of PDS'
common stock, representing 5.7% of its fully diluted share capital
prior to the issue.
The Board of NetScientific believes that PDS has made excellent
progress since its last fund raising and has therefore agreed to
subscribe US$510,000 (c. GBP363,000) for 60,000 shares of common
stock in the New Issue, which would result in its interest in PDS
amounting to c. 4.86 per cent. on a fully diluted basis upon
completion of the New Issue.
In order to finance the subscription, NetScientific has today
amended its GBP500,000 loan facility with Beckman Group, originally
announced on 11 February 2020, to allow repaid sums to be drawn
down again. The facility incurs interest of 10.0% pa on drawn
amounts and is secured on the whole of NetScientific's interest in
PDS. The Board intends to repay the loan out of the proceeds of the
placing announced on 10 June 2021, which is expected to be received
on 29 June 2021.
As Beckman Group is associated with M A Lawson, who is
interested in 22% of NetScientific's issued share capital, the
secured loan facility represents a related party transaction in
accordance with Rule 13 of the AIM Rules for Companies. The
Directors of NetScientific consider, having consulted the Company's
nominated adviser, that the terms of the facility are fair and
reasonable insofar as its shareholders are concerned.
Dr. Ilian Iliev, CEO of NetScientific and Board Member at PDS
Biotechnology said: "Following a transformational year for PDS, and
growing market recognition of the potential of its Versamune(R)
platform, this latest investment provides PDS with the resources to
continue executing its ambitious strategy in the immuno-oncology
space."
John Clarkson, Chairman said: "The Board of NetScientific
believes that PDS has had encouraging performance since the last
investment by NetScientific in August 2020, and has strong
prospects going forward as exemplified by the recent announcements
around ASCO and company presentations to the market."
For more information, please contact:
NetScientific Via Walbrook PR
Ilian Iliev, CEO
WH Ireland (NOMAD, Financial Adviser
and Broker)
Chris Fielding / Darshan Patel +44 (0)20 7220 1666
Walbrook PR +44 (0)20 7933 8780 or netscientific@walbrookpr.com
Nick Rome / Nicholas Johnson / Paul 07748 325 236 / 07884 664 686 / 07980
McManus 541 893
This announcement includes inside information as defined in
Article 7 of the UK version of Market Abuse Regulation No. 596/2014
as it forms part of UK law as retained EU law as defined in, and by
virtue of, the European Union (Withdrawal) Act 2018, as amended,
and is disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
About NetScientific
NetScientific plc (AIM: NSCI) is a holding company, that invests
in, develops, commercialises and realises shareholder value in life
sciences/healthcare, sustainability and technology companies, which
offer significant growth potential predominately in the UK and USA,
as well as globally.
With the acquisition of EMV Capital in August 2020, the Group
doubled its portfolio from 8 to 17 companies, either through direct
subsidiary, balance sheet investment or capital under advisory,
varying from start-up private companies to publicly listed
equities.
NetScientific delivers shareholder returns through a proactive
and hands-on management approach to their portfolio companies;
identifying, investing in, and helping to build game-changing
companies. The Group targets value inflection points and the
release of value through partial or full exits from trade sales,
public listings, or equity sales. The Company has a strong
transatlantic and growing international presence, providing
attractive expansion prospects.
NSCI can deploy a capital-light investment structure; utilising
the power of the PLC Brand, and the NetScientific balance sheet to
anchor future investments and achieve a multiplier effect by
attracting 3rd party investment for the portfolio companies.
NetScientific is headquartered in London, United Kingdom, and
was admitted to trading on AIM, a market operated by the London
Stock Exchange, in 2013 (website: netscientific.net ).
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