(Alliance News) - NetScientific PLC on Monday said its portfolio company ProAxsis Ltd secured GBP1.8 million in investment.
The London-based deep tech and life sciences venture capital investor holds a 91% stake in ProAxsis, and since September its post-investment fair value has more than doubled to GBP8.0 million from GBP3.5 million.
The funding was provided by a cohort of private investors led by NetScientific's wholly owned corporate finance firm EMV Capital Ltd.
ProAxsis, a Belfast-based respiratory disease diagnostics company, will use the proceeds to fund working capital requirements and develop its product range of immunoassays and point-of-care tests.
A total of GBP211,000 was raised from new investors, with a further GBP36,000 coming from the exercise of warrants granted to existing investors in connection with convertible loan notes.
The conversion of these notes were valued at GBP455,000, meanwhile the conversion of loans from NetScientific were valued at GBP776,000.
In addition to this, ProAxsis has provided for an additional sum of up to GBP289,000 to be raised on the same terms as the existing new investors.
NetScientific Chief Executive Officer Ilian Iliev said: "These investments demonstrate strong financial support as ProAxsis develops its offering to the respiratory disease market, whilst it explores options for a potential sale to a new strategic owner."
NetScientific shares were up 4.1% to 60.35 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
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