NetScientific PLC - London-based investment firm focused on life science, sustainability and technology companies - Announces completion of new GBP3.2 million investment round in portfolio company Vortex Biotech Holdings Ltd, led by EMV Capital. NetScientific converted its GBP400,000 loan into equity alongside new Vortex investors. NetScientific now has a 24.98% total equity holding in Vortex. This equates to a post-investment fair value of GBP2.8 million, quadruple the GBP700,000 value reported at December 31.
NetScientific Chief Executive Officer Ilian Iliev says: "This transaction clearly showcases our unique ability to combine a capital light investment approach with value creation support for promising businesses. Following support by our value creation services and fundraising team, the company is now ready to accelerate its growth in the UK and US. With this new investment, Vortex is well positioned to advance its presence in the multi-billion dollar oncology liquid biopsy market."
Current stock price: 69.04 pence, up 0.1% on Thursday in London
12-month change: up 1.5%
By Emma Curzon, Alliance News reporter
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Netscientific (NSCI)