TIDMNSCI
RNS Number : 6823E
NetScientific PLC
22 October 2018
A conference call for analysts and investors will be held today
at 13:00 BST / 08:00 EST. Dial in details can be found below.
NetScientific plc
("NetScientific" or the "Company" or the "Group")
Glycotest Inc. Completes $10 Million Series A Financing with
Fosun Pharma
Significant external equity investment by a prominent
pharmaceutical company in a NetScientific portfolio company
London, UK - October 22, 2018
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
NetScientific plc ("NetScientific", AIM: NSCI), the
transatlantic healthcare IP commercialisation group, announces that
its portfolio company Glycotest Inc. has successfully agreed to a
$10m Series A financing round with Shanghai Fosun Pharmaceutical
Co., Ltd. ("Fosun Pharma"), a leading healthcare group based in
China.
The transaction includes an equity investment of an upfront
initial tranche of $3 million, with the remaining $7 million due on
completion of certain milestones, in return for a 40% interest in
Glycotest Inc.. The transaction is contingent on ODI (outbound
direct investment) approval and The Committee on Foreign Investment
in the United States (CFIUS) approval.
The proceeds will be used to bring Glycotest Inc.'s diagnostic
HCC Panel, a biomarker panel driven by a proprietary algorithm for
the detection and surveillance of curable early-stage
hepatocellular carcinoma (HCC), towards commercialisation in the US
and to advance pipeline assets in liver fibrosis and
cholangiocarcinoma (bile duct cancer). HCC is the most common form
of primary liver cancer with over three million patients (killing
c.350,000 pa([1]) ) and has a market worth in excess of $800m in
the US alone([2]) . Fosun Pharma is receiving the rights to develop
and commercialise the HCC Panel in China, for which Glycotest Inc.
will receive a royalty, with Glycotest Inc. retaining rights to
ex-China markets.
Commenting on the news, NetScientific's Chief Executive Officer
and Chairman of Glycotest Inc., Francois R. Martelet said:
"The agreement of this financing round marks a pivotal moment
for Glycotest Inc. and will set in motion the final stage of its
progression towards commercialisation in the US.
"This key event will also help NetScientific realise the true
value of its portfolio, and we foresee further upside in the very
near future.
"We are excited to collaborate with Fosun Pharma, to make the
HCC Panel available in the Chinese market, where the prevalence of
HCC is very significant and the incidence is growing."
The full text of the announcement from Glycotest Inc. can be
found below.
Upon satisfaction of the contingent ODI approval,
NetScientific's controlling interest will be 50.4% of Glycotest
Inc. calculated on a fully-diluted basis following the closing of
the Series A Financing.
[1] Chen, Jian-Guo & Zhang, Siwei. (2010). Liver cancer
epidemic in China: Past, present and future. Seminars in cancer
biology. 21. 59-69.; [2] Edison Investment Research
# # #
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: 020 7220 1666
Chris Fielding / Jessica Cave
/ Chris Viggor
A conference call for analysts and investors will be held at
13:00 BST / 08:00 EST. Dial in details are below. A corresponding
presentation will be available to download at
https://netscientific.net/presentations shortly before the
call.
UK / International: +44 (0) 2071 928501
United States: +19177200181
Conference ID 6797314
Glycotest Inc. Closes $10 Million Series A Financing
New York, NY-October 22, 2018. Glycotest Inc., Inc., a
diagnostics company commercializing new and unique blood tests for
life threatening liver cancers and fibrosis-cirrhosis, announced
today the close of a Series A funding round of $10 million from
Shanghai Fosun Pharmaceutical Co., Ltd. ("Fosun Pharma"). The
transaction includes an equity investment of an initial tranche of
$3 million with the remaining $7 million due on completion of
certain milestones. The transaction is contingent on Chinese ODI
(outbound direct investment) approval and The Committee on Foreign
Investment in the United States (CFIUS) approval.
Under the terms of the agreement, Fosun Pharma receives 40% of
Glycotest Inc. and an exclusive license to manufacture and sell the
Glycotest Inc. HCC Panel blood test in China in return for a
royalty on sales to Glycotest Inc.. The Company will use the
proceeds of the financing to advance the HCC Panel toward
commercial launch in the United States, complete transfer of the
HCC Panel technology to Fosun Pharma, and further develop pipeline
tests for liver fibrosis and cholangiocarcinoma, the second most
prevalent form of liver cancer.
Glycotest Inc.'s HCC Panel is a unique algorithm-driven
biomarker panel that takes advantage of the Company's patented
fucosylated biomarker technology. The HCC Panel is intended for
surveillance of patients known to be at risk for hepatocellular
carcinoma (HCC), the predominant form of primary liver cancer and
fastest growing cause of cancer death in the United States.
Glycotest Inc. estimates that more than three million patients in
the US are eligible for HCC surveillance testing. Tests available
now are ineffective for identifying patients with curable
early-stage HCC. Currently, many patients with HCC are not
identified until they have later stage disease and are no longer
eligible for curative therapy. Glycotest Inc. is commercializing
the HCC Panel to provide physicians and patients an effective test
for detecting curable disease.
In three clinical studies involving over 480 patients, the HCC
Panel has demonstrated the ability to identify curable early-stage
HCC more effectively than AFP, the currently dominant blood test
for HCC.
CEO Lawrence Cohen said, "This financing marks a watershed event
for Glycotest Inc. that will support us in our momentum toward
commercialization and enable us to offer the HCC Panel to the
growing number of patients in the United States at risk for liver
cancer. We also look forward to working with our partner Fosun to
transfer the HCC Panel technology to China where HCC kills more
than 350,000 people each year."
Glycotest Inc. employs unique non-invasive blood tests based on
proprietary serum biomarkers, biomarker panels and assay technology
that exploit novel sugar-based disease signal chemistry. Glycotest
Inc.'s pipeline includes tests for liver cancers as well as liver
fibrosis-cirrhosis. The Company'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.
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.
About Glycotest Inc., Inc.
Glycotest Inc. is a private liver disease diagnostics company
commercializing novel clinical laboratory testing services for
patients with serious liver disease. The Company 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.
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END
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