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Glycotest Completes $10m Series A Round with Fosun
Glycotest Completes $10m Series A Round with Fosun.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \nRNS Number : 7825E NetScientific PLC 22 October 2018 \n\n \n \n \nThe following amendments have been made to the 'Glycotest Completes $10m Series A Round with Fosun' announcement (RNS Number: 6823E) released on 22 October 2018 at 07:00AM:\n \nThe following sentence:\n \nUpon satisfaction of the contingent ODI approval, NetScientific's controlling interest will be 50.4% of Glycotest Inc. calculated on a fully-diluted basis following the closing of the Series A Financing.\n \nHas been replaced with: \n \nUpon satisfaction of the contingent ODI approval, NetScientific's controlling interest will be 51.5% of Glycotest Inc. calculated on a fully-diluted basis following the closing of the Series A Financing.\n \nAll other details remain unchanged. The full amended text is shown below.\n \n \n \n \nA conference call for analysts and investors will be held today at 13:00 BST / 08:00 EST. Dial in details can be found below.\n \n \nNetScientific plc\n(\"NetScientific\" or the \"Company\" or the \"Group\")\n \nGlycotest Inc. Completes $10 Million Series A Financing with Fosun Pharma\n \nSignificant external equity investment by a prominent pharmaceutical company in a NetScientific portfolio company\n \nLondon, UK - October 22, 2018 \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.\n \nNetScientific plc (\"NetScientific\", AIM: NSCI), the transatlantic healthcare IP commercialisation group, announces that its portfolio company Glycotest Inc. has successfully agreed to a $10m Series A financing round with Shanghai Fosun Pharmaceutical Co., Ltd. (\"Fosun Pharma\"), a leading healthcare group based in China.\n \nThe transaction includes an equity investment of an upfront initial tranche of $3 million, with the remaining $7 million due on completion of certain milestones, in return for a 40% interest in Glycotest Inc.. The transaction is contingent on ODI (outbound direct investment) approval and The Committee on Foreign Investment in the United States (CFIUS) approval.\n \nThe proceeds will be used to bring Glycotest Inc.'s diagnostic HCC Panel, a biomarker panel driven by a proprietary algorithm for the detection and surveillance of curable early-stage hepatoc...