(Alliance News) - NetScientific PLC on Wednesday released a portfolio and strategy update.
In the update, NetScientific announced that for the year ending December 31, the company expects a moderate increase in the fair value of privately held assets.
The London-based deep tech and life sciences venture capital investment group currently manages a portfolio of 23 companies.
Over the year an additional GBP52.2 million has been raised through equity and venture debt by 13 companies in its portfolio. Capital under advisory increased by GBP6.6 million.
Furthermore, increased fees generated by EMV Capital were able to cover approximately half of NetScientific's costs, whilst also providing infrastructure and services to the company and its portfolio.
During the period many companies in the portfolio have achieved "significant operational milestones and key fundraisings," NetScientific said.
Notably, Glycotest Inc secured a USD1.0 million investment, and PDS Biotech Inc made "substantial clinical progress across its pipeline of targeted cancer immunotherapies."
Looking ahead to the rest of the year and beyond, the board outlined its key strategic objectives.
Chief Executive Officer Dr Ilian Iliev said: "We have significantly advanced our strategic goals, focusing on a sustainable business model and enhancing the value of our portfolio holdings. We are generating fees and executing on secondary exits. Our goal is now to leverage our differentiated [venture capital] investment model at a critical time for the VC industry."
Shares in NetScientific closed up 2.2% to 70.00 pence per share in London on Wednesday.
By Elijah Dale, Alliance News reporter
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