NetScientific's portfolio companies making progress in H1

NetScientific, a healthcare company which commercialises intellectual property, reported a wider loss before tax in the first half the year while many of its core portfolio companies have made progress.

Loss before tax widened to £6.1m in the six months ended 30 June from £4.3m the same period last year, due to development stage of many products in its portfolio companies.

Revenue grew to £359,243 from £55,000 and available cash resources at the end of June, was £15.9m, a 31% fall from 31 December 2015.

Executive chairman Sir Richard Sykes, said the company has been restructured to focus on intellectual commercialisation which “revitalised” its portfolio companies, Wanda, Vortex Biosciences, Glycotest and ProAxsis.

Chief executive Francois Martelet added that four of the core portfolio companies made operational and development progress to start external financing rounds.

The AIM-listed company said it intends to strengthen its transatlantic focus through organic and strategic growth, actively managing the portfolio and add chronic disease business opportunities to the pipeline.

San-Francisco based Wanda signed a contract with US technology home nursing and therapy serviced agency, Health Resource Solutions, for use of its management product. It also signed an agreement with healthcare provider Dignity Health to launch an oncology platform Oncoverse.

US based cancer diagnostic company Vortex Biosciences’ VTX1 biopsy instrument moved from the feasibility to stage to last stage development for a commercial launch expected in the first quarter of 2017.

Liver diagnostic company Glycotest also seeks to commercialise its new blood tests for liver cancer and fibrosis-cirrhosis which has worldwide rights to over 50 patent protected serum protein biomarkers.

Northern Ireland based medical diagnostics company ProAxis was making progress in the first half of the year with its ProteaseTag Active Neutrophil Elatase Immunoassay product, which is used by academics and pharmaceuticals.

Shares in NetScientific were down 3.7% to 78p at 1522 BST.