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LONDON (Alliance News) - NetScientific PLC Wednesday expressed confidence for further progress with its portfolio companies in 2014, as its pretax loss widened in 2013 due costs arising from its AIM listing and restructuring.
The biomedical and healthcare technology investment group raised GBP30.0 million via its initial public offering in September and plans to use the proceeds from the placing to fund working capital to accelerate to market two of its portfolio company: WANDA Inc and Vortex BioSciences Inc.
The company posted a pretax loss of GBP4.3 million, widened from a pretax loss of GBP1.5 million in the previous year, despite revenue rising to GBP177,667 from GBP16,000 in the previous year, as the company posted higher administrative expenses, GBP1.1 million in reorganisation and AIM listing costs, and GBP717,234 in share based payments.
NetScientific added six new senior executives since its listing.
Wanda is undertaking clinical trials which will be completed later in 2014. It has completed pre-submission filing with the US Food and Drug Administration, and has commenced active discussions for corporate partnership opportunities with a number of entities in the US and Europe.
Vortex has begun a collaboration with the Stanford Cancer Centre, in California, and expanded its clinical collaborations with physicians at the University of California, Los Angeles, through its dedicated new research facility.
In February NetScientific invested in ProAxis Ltd, in partnership with Queen's University Belfast.
NetScientific said that, after a successful 2013 and first few months of 2014, it was confident of its future and expects to achieve "significant progress" with its portfolio companies in 2014.
"The group has accelerated the development of its existing subsidiaries, added an advanced diagnostics company and made significant progress with FDA - with major new initiatives underway for 2014," said Chief Executive Farad Azima in a statement.
Shares in Netscientific were trading down 4.3% at 122.50 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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