28th Feb 2023 16:51
(Alliance News) - NetScientific PLC on Tuesday said its wholly-owned portfolio company and respiratory diagnostics specialist ProAxsis entered into an unsecured GBP500,000 six-month loan agreement with AB Group Ltd.
The London-based life sciences and sustainability technology investment firm said the loan interest rate would be 10% per year, while AB Group has been granted warrants for ProAxsis shares equal to the value of GBP150,000 at an exercise price determined by reference to a future third party fundraising of at least GBP500,000, such price to be discounted by 30%.
"A key element of our capital light investment approach is to help our portfolio companies access funding from third parties. We are therefore delighted to have helped secure this loan agreement for ProAxsis, which will help it accelerate its commercial and investment strategy in the respiratory diagnostics space," said Chief Executive Officer Ilian Iliev.
"ProAxsis has a growing pipeline of customers for its product and clinical services offering from the UK and internationally, including the US. There is a further internal development on additional novel respiratory diagnostic products.
"We look forward to further updates from ProAxsis in 2023 as it continues to make important advances to help individuals with airway bacterial infections, and those at the highest risk of suffering pulmonary exacerbations."
On Monday, NetScientific reported its portfolio company PDS Biotechnology Corp had a "successful" meeting with the US Food & Drug Administration for a combination therapy of PDS0101, PDS0301 and an FDA-approved immune checkpoint inhibitor for the treatment of recurrent metastatic human papilloma virus. The virus can cause genital warts or cancer.
Shares in NetScientific were down 1.1% to 79.09 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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