Glycotest Update

NetScientific plc (“NetScientific”, AIM:NSCI), the transatlantic IP commercialisation group focused on healthcare, provides an update on the series A fundraising being undertaken by its portfolio company Glycotest, a US-based diagnostics company, as outlined in the Circular issued to shareholders following the Company’s placing and subscription of new shares on 26 May 2017 (the “Circular”).

The Company continues to anticipate closing the Series A round within the second half of 2017, but does not now expect to sign the relevant documentation by the end of June 2017, as was previously stated as the Company’s aim in the Circular.

As at 31 December 2016 the NetScientific had invested £2.4 million in Glycotest. The Company expects that the delay will lead to an increase in its £0.5m expected spend in Glycotest in 2017, as stated in the Circular, but with overall spend remaining under £1.0m in 2017.