26th Mar 2014 13:22
LONDON (Alliance News) - Netscientific PLC said Wednesday that it had entered a strategic alliance with PayPal co-founder Peter Thiel's fund Breakout Labs, which is based in San Francisco, to invest USD250,000 in medical technologies companies.
The fund supports early-stage companies that are working on technological breakthroughs. Under the new agreement, NetScientific will invest USD250,000 into companies in the fund's portfolio that fit its investment priorities.
"This partnership provides NetScientific with access to some of the most revolutionary new technologies coming out of Silicon Valley and beyond," said Chief Executive Farad Azima in a statement.
The first company that NetScientific will invest in is Cytovale, which is developing diagnostics using biomarkers based on the mechanical properties of cells
Shares in Netscientific were trading down 3.8% at 113.00 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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