23rd Jul 2014 09:40
LONDON (Alliance News) - Investment group NetScientific PLC said Wednesday that it has made two further investments in portfolio companies from American entrepreneur Peter Theil's Breakout Labs fund.
NetScientific has invested in G-Tech Medical, which is producing a wireless, wearable disposable patch to diagnose root causes of functional gastrointestinal disorders. This patch will allow physicians to determine a problem exists to avoid the current, invasive, expensive testing sequence and target their therapies.
It is also investing in Longevity Biotech, which is developing an artificial protein technology called Hybridtides, that are resistant to breakdown by natural digestive enzymes. This would allow for new drug designs that are more stable and clinically active, it said.
The investment represents the first outside funding for both companies, NetScientific explained.
Financial details of the investments were not disclosed.
Shares in NetScientific were trading down 1.5% at 162.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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