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Healthcare IP commercialisation specialist NetScientific (LON:NSCI) has announced a successful $10 million series A fundraising for its portfolio company Glycotest with Chinese healthcare group Shanghai Fosun Pharaceutical. The first $3 million will be available immediately, with the remaining $7 million being conditional on milestones being met.
NetScientific chief executive Francois R Martelet commented: “The agreement of this financing round marks a pivotal moment for Glycotest Inc. and will set in motion the final stage of its progression towards commercialisation in the US.
“This key event will also help NetScientific realise the true value of its portfolio, and we foresee further upside in the very near future.
“We are excited to collaborate with Fosun Pharma, to make the HCC Panel available in the Chinese market, where the prevalence of HCC is very significant and the incidence is growing.”
Shares in NetScientific rose by 7.81% to 29p (as of 12:10 BST).