NetScientific's sells stake in cancer treatment platform

Healthcare intellectual property commercialisation firm NetScientific’s portfolio company Wanda has sold its stake in OncoVerse to BTG, a pharmaceutical, for an undisclosed sum.

The AIM-listed company said the sale represented a “strong return” on its initial investment and was a successful exit from the first downstream application from Wanda.

OncoVerse, a digital health platform that allows cancer patients' care teams to collaborate and allow clinicians across disciplines to form a treatment plan, was initially conceived by a Dignity Health physician and two administrators, who wanted a tool to improve team collaboration, especially when evaluating complex cancer cases and determining the appropriate treatment plans for patients.

Dignity Health, a healthcare system, tested the platform internally and then partnered with Wanda to develop the software. It is also a co-investor in the joint venture since the platform's inception and will continue to be a shareholder alongside BTG.

NetScientific's equity in OncoVerse comes from its majority shareholding in Wanda.

François R. Martelet, chief executive of NetScientific and chairman of Wanda, said: "The sale of the equity to BTG represents a strong return on NetScientific's initial investment, and underscores Wanda's unique expertise in creating tools which can support informed treatment decisions.

“We are continuing to work with Wanda to support the company in the development of remote health management tools and sophisticated data analysis and to identify other promising opportunities to maximise investment returns from the technology."

Wanda Chief executive Foad Dabiri added: "BTG's expertise and partnership will enable a strong path forward for Oncoverse and its mission. We at Wanda will continue focusing on building modern and innovative clinical solutions to enhance management of care for patients."

Shares in Netscientific were up 3.67% to 56.50p at 1019 BST.