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Netscientific raises up to £9.8mln as portfolio companies approach maturity

A placing and subscription at 45p will raise £8.1mln, while a further £1.5mln can come from a private placing

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Funds will be used to develop Netscientific's actively managed portfolio of start-ups

NetScientific PLC (LON:NSCI) is aiming to raise almost £10mln as a number of its portfolio of start-ups head towards commercialisation.

A placing and subscription at 45p will raise £8.1mln, while a further £1.5mln can come from a private placing at the discretion of the directors.

The offer is not underwritten with the price of the shares a 15% discount to the current market price.

NetScientific's actively managed portfolio companies are Vortex, Glycotest, Wanda and ProAxsis and the money will be used primarily to support their development.

Francois Martelet, Netscientific’s chief executive, said: "We are aiming to become a significant force in IP commercialisation with a focus on disruptive technologies in digital healthcare, diagnostics and therapeutics.

“The finance we have raised will allow us to continue to accelerate the investment into our portfolio of companies, several of which are approaching key commercial inflection points.

“More broadly, it will allow us to invest in new pipeline opportunities and further develop our infrastructure."

A meeting will be held at 12 June to approve the share issue.

Shares eased 7% to 49.23p.

Quick facts: Netscientific PLC

Price: 2.75 GBX

Market: AIM
Market Cap: £2.16 m

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