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Clinical and commercial progress continues

Update | Pharmaceuticals & healthcare | 12 Jan 2018

In January Glycotest announced that it had completed a 149-person Chinese retrospective study of its test for hepatocellular carcinoma (HCC). It demonstrated 93% sensitivity at 92% specificity, which is superior to the commonly used alpha-fetoprotein (AFP) test. Additionally, ProAxsis announced continued commercial progress with the CE mark of a ProteaseTag research kit for a new enzyme, plasmin, which may have utility in inflammatory conditions of the lung.

XP Power

Strong demand continues into Q4

Update | Technology | 12 Jan 2018

XP saw a strong finish to the year, with Q4 revenue growth of 16% y-o-y and order growth of 24% y-o-y, resulting in FY17 revenues slightly ahead of our forecast. Good demand across all sectors and geographies was boosted by a strong contribution from the recent Comdel acquisition. Management expects continued growth in FY18; we maintain our forecasts which, based on current momentum, could prove conservative.

XP Power

Entering the RF power supply market

Update | Technology | 02 Oct 2017

XP has acquired Comdel, a US-based RF power supply company, for $23m/GBP 17m. This marks the entry into a new market for XP and gives it the potential to expand the amount it sells to a sub-sector of its customer base. We have revised our forecasts to reflect both the acquisition and the strengthening pound versus the dollar. We increase our normalised EPS forecast by 1.2% in FY17 and 1.7% in FY18


PDS agrees to merge with Edge Therapeutics

Update | Pharmaceuticals & healthcare | 30 Nov 2018

In late November 2018, NetScientific announced that its portfolio company PDS Biotechnology and Edge Therapeutics (NASDAQ: EDGE) will merge. The new entity will trade on the NASDAQ and PDS’s shareholders will maintain majority ownership with a 70% stake, whereas Edge’s shareholders will hold the remaining 30%. The transaction is expected to close in Q119 and NetScientific’s ownership is expected to decrease to 9.2% (from 13.1%). The newly formed entity says it intends to use the combined cash balance of ~$25m to initiate several Phase II clinical trials of its PDS0101 cancer vaccine and to fund operations into 2020.


Fosun Pharma investing in Glycotest

Update | Pharmaceuticals & healthcare | 24 Oct 2018

NetScientific announced the completion of a $10m Series A funding for Glycotest with Fosun Pharma, a Chinese pharmaceutical company with a market capitalisation of HK$71bn. As part of the transaction, Fosun will invest an initial tranche of $3m, with another $7m due upon the completion of certain milestones, in return for a 40% interest in Glycotest as well as the China rights for its hepatocellular carcinoma (HCC) panel. The transaction still needs to be approved by regulatory authorities in both China and the US (where Glycotest is based). Approval is expected in around 30 days’ time.


Steady as she goes

Update | Pharmaceuticals & healthcare | 19 Oct 2018

NetScientific recently announced half-year results for 2018, with incremental progress continuing to be made, although we are yet to see that progress in reported revenues. In May 2018, Wanda, which focuses on digital health, and its partner Health Resource Solutions (HRS), achieved a 46% reduction in hospital readmissions in a high-risk congestive heart failure (CHF) population. In addition, in August ProAxsis announced a CE Mark for a fourth product, the ProteaseTag Active Proteinase 3 immunoassay, which was accompanied by a commercial sale to a large US biotechnology company.


Advancing on multiple fronts to commercialisation

Update | Pharmaceuticals & healthcare | 18 Apr 2018

NetScientific recently announced full-year results for 2017. It was a year of progress for the company, which is carrying forward into 2018. In February 2018, ProAxsis had its first commercial sale of Neutrophil Elastase Airways Test (NEATstik) for measuring active neutrophil elastase, in this case to a research lab conducting a respiratory clinical trial with a pharmaceutical company. In March, Vortex announced a collaboration with BioView for automated clinical biomarker identification of circulating tumour cells.


Commercial progress across portfolio

Update | Pharmaceuticals & healthcare | 15 Dec 2017

Within the month of November 2017, NetScientific portfolio companies had a series of announcements reflecting increased adoption of their products. ProAxsis announced increased sales of its research kits and guided to over GBP 1m in sales in 2018. Wanda’s partner Health Resource Solutions announced that it would be expanding the deployment of the app to all of its applicable patients. Finally, Vortex announced the first commercial sale of its VTX-1 liquid biopsy platform.


Progress continues

Outlook | Pharmaceuticals & healthcare | 11 Oct 2017

NetScientific's healthcare portfolio progressed towards revenue generation during H117 with the soft launch of both Vortex and ProAxsis products into the research market. A series of value inflection points are expected in H217 and FY18 including Series A financings for all five holdings, the commercial ramp of ProAxsis's NEATstik following the recent CE mark approval, and targeting home health providers, payers, hospitals, and accountable care organisations to increase commercialisation of the Wanda platform. We value NetScientific at £57.3m or 83p per share.


Executive interview - NetScientific

Edison TV: | Pharmaceuticals & healthcare | 11 Oct 2017

NetScientific is a healthcare investment company with a focused portfolio of potentially disruptive biomedical and healthcare technology investments. The current focus is on digital health, diagnostics and therapeutics with the portfolio consisting of four core investments in which it has controlling stakes (Vortex, Wanda, ProAxsis and Glycotest) and one material investment (PDS). The aim is to bring these to commercialisation over the next two years, with the ultimate goal of an exit, realising value for investors.


PDS collaborates with Merck

Update | Pharmaceuticals & healthcare | 13 Jul 2017

One of NetScientific's portfolio companies, PDS Biotechnology (17.4% stake, 14.5% fully diluted), announced on 10 July 2017 that it has entered into a collaboration agreement with Merck to investigate the combination of the cancer vaccine PDS0101 with the PD-1 inhibitor Keytruda. PDS will be initiating a Phase IIb clinical study of the combination for the treatment of human papilloma virus-16 mediated forms of recurrent and metastatic head and neck cancer.


Portfolio starting to mature

Update | Pharmaceuticals & healthcare | 05 May 2017

The NetScientific portfolio steadily marches forward with an increasing number of companies with significant revenue on the horizon. Wanda and ProAxsis are currently the only companies with sales, but this is about to change with the first sales of Vortex's VTX-1 occurring and Glycotest opening a CLIA lab in H217. The company reported sales of £0.5m for 2016, which we see expanding to single (c £3m) and double (£12m) digits through 2017 and 2018 as these companies' offerings expand.