Edison Issues Update on NetScientific (NSCI)

LONDON, UK / ACCESSWIRE / December 15, 2017 / Within the month of November 2017, NetScientific portfolio companies had a series of announcements reflecting the increased adoption of their products. ProAxsis announced increased sales of its research kits and guided to over £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.

We have increased our valuation of NetScientific to £62.1m or 90p per share, from £57.3m or 83p per share. We have increased the value of ProAxsis and Wanda, offset by a reduction in Vortex, based on the commercial updates. Otherwise, our valuation remains unchanged. The companies still require additional financing (recorded as a £16m shortfall) and NetScientific has announced ongoing financing efforts for Glycotest, PDS, Vortex and ProAxsis, which are expected to close in 2018.

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