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NetScientific Full Year results: Significant Progress in Core Portfolio Companies Wanda Health and Vortex BioSciences

NetScientific Full Year results: Significant Progress in Core Portfolio Companies Wanda Health and Vortex BioSciences

First commercial launches expected during 2015

 

London, UK – 24 March 2015 – NetScientific (AIM: NSCI), the biomedical and healthcare group, announces its results for the year ended 31 December 2014. Highlights were as follows:

Highlights

  • Wanda Health - commercial roll-out of Congestive Heart Failure Clinical Decision Support Solution expected to commence in the US in H2 2015 with new contracts anticipated; CE mark also expected in H2 2015
  • Vortex BioSciences - cancer diagnostic technology being clinically assessed in multiple cancers by leading physicians and scientists; instruments expected to be shipped in H2 2015
  • Loss after tax of £7.1m (2013: loss £4.3m) reflecting development stage of portfolio
  • Available cash resources of £16.8m (at 31 December 2013: £25.5m)
  • Strategic partnership with Peter Thiel’s Breakout labs and early funding made to four biomedical and healthcare technologies companies
  • Post year end, Farad Azima, CEO left the Group; Sir Richard Sykes appointed as Executive Chairman until a new CEO is appointed. Lady Barbara Judge stepping down as Non-Executive Director. Jonathan Paisner joined the board as a Non-Executive Director as representative of the Azima Family Trust.
  • Capital Markets Day planned for mid-year 2015


Sir Richard Sykes, Executive Chairman of NetScientific said:

“2014 has been a productive year for NetScientific, focusing on the growth plans of our lead portfolio companies, as well as seeking new investments, and establishing and building relationships with strategic partners.

In 2015, we anticipate commercial launches from our core portfolio companies, Wanda Health and Vortex BioSciences, further enhancing the value of our portfolio.

Post year end, we initiated a review of our portfolio and strategy and we will report the results by mid-year 2015.”


For the full release, please click here.

About NetScientific
NetScientific is a biomedical and healthcare technology group that funds and develops technologies that offer transformative benefits to people's lives and society. For more information, please visit the website at www.NetScientific.net

Issued for and on behalf of NetScientific by Instinctif Partners.

For more information please contact: netscientific@instinctif.com

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