LONDON, Oct. 24, 2018 (GLOBE NEWSWIRE) -- NetScientific (NSCI) 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.
We are maintaining our valuation of NetScientific at £50.6m or 64p per share. We will update our valuation upon regulatory approval of this investment from both the Chinese and American authorities. Besides updating NetScientific’s ownership stake, we will review our revenue estimates, particularly for the Chinese market.
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