Transatlantic healthcare IP commercialisation group, NetScientific (NSCI) said on Thursday that it’s portfolio company, Glycotest Inc. had received the second $3 million tranche of the $10 million Series A financing with China-based group, Fosun Pharma.
Glycotest are currently developing pipeline tests for liver fibrosis and cholangiocarcinoma, the second most prevalent form of liver cancer.
The second tranche will enable Glycotest to advance the clinical validation study for their unique algorithm-driven biomarker panel, HCC, which the company kick-started at multiple major US clinical sites earlier this year.
The focus of this strategic investment is to advance the HCC toward full commercial launch in the United States who have an estimated three million or more at-risk patients for HCC surveillance testing.
Involving over 480 patients, the studies have so far shown the HCC Panel to identify patients with curable early-stage HCC more effectively than the current dominant blood test, AFP.
Additionally, the second tranche will also allow the transfer of the HCC Panel technology to Fosun Pharma's diagnostic subsidiary for commercialization in China, the company revealed.
Under the agreement, Fosun Pharma receives a 40% equity stake in Glycotest and a license to manufacture and sell the HCC test in China in return for a royalty on sales to Glycotest.“Glycotest continues to make excellent progress,” stated Chief Executive of NetScientific, Ian Postlethwaite said Glycostest - “We are proud to be supporters of Glycotest who we believe has the strong potential to deliver value for our shareholders."
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