LONDON, Oct. 19, 2018 (GLOBE NEWSWIRE) -- NetScientific (NSCI) 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.
We have reduced our valuation of NetScientific to £50.6m or 64p per share from £67.9m or 86p per share. This is mainly due to a more conservative view of the revenue ramp for ProAxsis, Vortex, Wanda and Glycotest (although peak sales remain the same), as reported revenues were trending lower than anticipated, as well as a lower cash balance. This was partly mitigated by rolling forward our NPVs.
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