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(Alliance News) - NetScientific PLC on Monday reported a narrowed loss for 2019 as it expressed confidence in the business's ability to continue through the duration of the pandemic.
Shares in the healthcare intellectual property commercialisation company were trading 16% lower at 6.75 pence each on Monday morning in London.
For 2019, NetScientific posted a pretax loss of GBP3.6 million, narrowing from the GBP4.1 million reported for 2018. Revenue was higher at GBP735,000 from GBP245,000. Administrative costs fell to GBP2.1 million from GBP2.8 million.
During 2019, portfolio company ProAxsis Ltd's revenue rose more than four-fold to GBP735,000, while Glycotest Inc completed a USD10.0 million series A funding round with Shanghai Fosun Pharmaceutical Co. Ltd. In March, NetScientific sold its stakes in Vortex Biosciences Inc and Wanda Inc - along with outstanding loans and convertible loan notes owed to it by Vortex or Wanda - for GBP113,999 and GBP37,000 respectively.
NetScientific acquired a further 500,000 shares in PDS Biotechnology Corp for USD650,000, taking its stake in that clinical stage immunotherapy company to to 7.2%.
Looking ahead, Ashford-based NetScientific said it has implemented cash conservation measures to preserve liquidity amid the Covid-19 pandemic in order to ensure that it has enough funds to continue for at least the next 12 months.
"The company's strategy remains to seek to maximise shareholder value from its core and other portfolio companies, which continue to perform and are making progress. During 2019, the company carried out a review of all areas and significantly reduced the central function costs and headcount back to the essentials, thereby extending the company's cash runway and using as much of the remaining cash as possible to maximise the value of the portfolio companies," said Chief Executive Officer & Chief Financial Officer Ian Postlethwaite.
By Ife Taiwo; ifetaiwo@alliancenews.com
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