27th Sep 2016 09:47
LONDON (Alliance News) - NetScientific PLC Tuesday said it had made "significant progress" in the first half of 2016 as its portfolio companies move towards commercialisation.
The healthcare intellectual-property firm reported a pretax loss of GBP6.1 million for the first half of 2016, widened from a pretax loss of GBP4.4 million in the same period the previous year. This was mostly as a result of higher administrative costs at its portfolio companies as they continued to develop their respective pipelines.
Revenue rose to GBP359,243 from GBP55,000.
NetScientific has five investments in biotechnology firms, and flagged progress in these portfolio companies in the half-year. Notably, Vortex Biosciences presented positive data at the American Association for Cancer Research, whilst Wanda secured a contract with Health Resource Solutions and formed a scientific advisory board.
"During the period, I am delighted to say that four of our core portfolio companies made significant operational and development progress, positioning themselves optimally to initiate external financing rounds with the goal of providing significant value inflection points upon completion," said Chief Executive Officer Francois Martelet in a statement.
Shares in NetScientific were untraded Tuesday morning, having last closed at 78.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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