(Alliance News) - NetScientific PLC on Thursday said portfolio company Glycotest Inc has received the second USD3 million tranche of a USD10 million financing agreement.
London-based NetScientific is an intellectual property commercialisation group and was "pleased to note" Glycotest's receipt of the second tranche of series A financing provided by Chinese firm Fosun Pharmaceutical Co Ltd.
Glycotest is commercialising blood tests for liver cancers, including its HCC Panel test for hepatocellular carcinoma. Under the Fosun-Glycotest deal, Fosun receives a 40% equity stake in Glycotest plus an exclusive licence to manufacture and sell the Glycotest HCC Panel in China in exchange for a royalty on sales to Glycotest.
The remaining USD4 million of the USD10 million total financing is due once the remaining milestones are complete.
Ian Postlethwaite, NetScientific's chief executive, said: "Glycotest continues to make excellent progress. The USD3 million will enable the company to advance its HCC Panel towards commercial launch in the US market and to support Fosun Long March Medical Science Co Ltd towards launch of the HCC Panel in China. We are proud to be supporters of Glycotest who we believe has the strong potential to deliver value for our shareholders."
Shares in NetScientific were down 1.8% at 5.40 pence in London on Thursday.
By Anna Farley; annafarley@alliancenews.com
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