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22 May 2019 | 08:22

NetScientific posts annual loss as investment costs weigh

Healthcare IP group NetScientific posted a full-year loss, which it said reflected ongoing investment in its portfolio companies.

Pre-tax losses for the year through December amounted to £4.1m, compared to losses of £4.4m on-year.

'Our strategy remains to maximise shareholder value from our portfolio companies,' chief executive Ian Postlethwaite said.

'With the disposal of our Vortex and Wanda interests, we can focus using the remaining cash resources on extending the anticipated lifespan of the company.'

'Glycotest and PDS require no further funding at this stage and, whilst ProAxsis does need a small additional injection of £0.1m to meet operational requirements as it nears cashflow breakeven, this will be repayable within 2019.'

'All three companies have continued to make good progress during the year and we remain confident in their prospects.'

'In addition, we have taken measures to reduce our central function costs to extend the company's cash runway and it is therefore expected that the company has sufficient cash to operate until the end of 2020.'

At 8:22am: (LON:NSCI) Netscientific Plc share price was 0p at 9.25p

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