Last checked at 23 Jul 2014 08:27
23 July 2014
NetScientific invests in a further two Breakout Labs portfolio companies
NetScientific plc (AIM:NSCI, 'NetScientific' or 'The Group'), the biomedical and healthcare technology investment group, is pleased to announce it has made a further two investments in portfolio companies from Breakout Labs, Peter Thiel's revolving philanthropic fund that supports early-stage companies working on technological breakthroughs.
G-Tech Medical is developing a wireless, wearable, disposable patch, which will help diagnose the root causes of Functional Gastrointestinal Disorders ('FGIDs'). FGIDs afflict more than 60 million people annually in the US, and are a large burden to the health care system. The G-Tech patch will measure and characterize the activity of the main digestive organs under normal daily conditions to help pinpoint the source of the dysfunction. It will allow physicians to quickly determine that a functional problem exists, in many cases allowing them to skip the current invasive, expensive anatomic testing sequence. By identifying the specific source and nature of the dysfunction it will enable them to more effectively target their therapies, bringing relief to patients faster and at lower cost.
Longevity Biotech is developing an entirely new approach to therapeutics development via artificial protein technology ("Hybridtides"). Hybridtides® are peptide molecules that contain both α- and β-amino acid subunits, which makes them resistant to breakdown by natural digestive enzymes, tunable to very stable conformations, and able to mimic information-rich surfaces displayed by natural proteins or peptides, enabling new drug designs which are more stable and more clinically active. Current work will establish the platform's potential in a clinically important indication in cardiovascular disease, pulmonary arterial hypertension.
The new investments represent the first outside financing for both G-Tech and Longevity Biotech.
Farad Azima, CEO of NetScientific commented:
"We are delighted to continue working with Breakout Labs in their quest to identify and foster revolutionary life science companies at the forefront of scientific innovation. Longevity Biotech and G-Tech Medical are two such examples of innovative technologies in areas of clinical importance which will transform the lives of patients."
For further information, please contact:
Liberum (Nomad & Broker) Chris Bowman/Christopher Britton/Thomas Bective | Tel: 020 3100 2000 |
Bell Pottinger Daniel de Belder/Kashara Taylor | Tel: 020 7861 3232 |
Company website:www.netscientific.net
ABOUT NETSCIENTIFIC
NetScientific is a healthcare and life sciences company with global reach that funds and develops technologies that offer transformative benefits to peoples' lives and society through improved diagnosis, prognosis and treatment.
ABOUT BREAKOUT LABS
Breakout Labs, a program of the Thiel Foundation, is reshaping the way early-stage science and technology companies are funded. Founded in November 2011, Breakout Labs has supported 19 companies in areas ranging from food science and biomedicine to clean energy. For many of these companies, Breakout Labs was the first external investor. Breakout Labs provides up to $350,000 for companies to achieve specific milestones that are critical to their development. In addition to funding, Breakout Labs companies benefit directly from a program of mentorship and networking, with access to the Thiel Foundation's large community of investors, innovators, and entrepreneurs. Successful grantees return a capped royalty stream and a small percentage of equity in their company to Breakout Labs and thereby contribute to the next generation of scientific innovation. For more information, www.BreakoutLabs.org.