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LONDON (Alliance News) - Healthcare investor NetScientific PLC on Monday announced the orderly wind up of two portfolio companies after it cut off their funding.
Shares in NetScientific were up 58% at 19.00 pence on Monday afternoon.
Vortex Biosciences and Wanda Inc, both portfolio companies of NetScientific, have resolved to effect an orderly wind-up.
In mid-February, NetScientific said it would be allocating its remaining cash to three portfolio companies: Glycotest Inc, ProAxsis Ltd, and PDS BioTechnology in order to deliver shareholder returns within the company's lifespan.
NetScientific concluded that in order to continue to fund these three companies, it can no longer afford to provide financial support to either Vortex or Wanda.
NetScientific did receive an indicative proposal from a third party regarding the sale of NetScientific's holding in Vortex and Wanda, but felt that the offer did not justify the expense of continuing to support both companies while the sale was negotiated.
In addition, the company announced that its investee, PDS Biotechnology Corp, has now completed its all-share merger with Nasdaq-listed Edge Therapeutics Inc. The combined company will operate as PDS Biotechnology Corp and trade on the Nasdaq.
"We are delighted that the merger has completed, and with the liquidity attributable to NetScientific's holding in PDS Biotechnology Corp following the listing on Nasdaq," said NetScientific Chief Executive Francois Martelet.