NetScientific PLC on Monday said its portfolio company ProAxsis Ltd secured £1.8 million in investment.
The London-based deep tech and life sciences venture capital investor holds a 91% stake in ProAxsis, and since September its post-investment fair value has more than doubled to £8.0 million from £3.5 million.
The funding was provided by a cohort of private investors led by NetScientific’s wholly owned corporate finance firm EMV Capital Ltd.
ProAxsis, a Belfast-based respiratory disease diagnostics company, will use the proceeds to fund working capital requirements and develop its product range of immunoassays and point-of-care tests.
A total of £211,000 was raised from new investors, with a further £36,000 coming from the exercise of warrants granted to existing investors in connection with convertible loan notes.
The conversion of these notes were valued at £455,000, meanwhile the conversion of loans from NetScientific were valued at £776,000.
In addition to this, ProAxsis has provided for an additional sum of up to £289,000 to be raised on the same terms as the existing new investors.
NetScientific Chief Executive Officer Ilian Iliev said: ‘These investments demonstrate strong financial support as ProAxsis develops its offering to the respiratory disease market, whilst it explores options for a potential sale to a new strategic owner.’
NetScientific shares were up 4.1% to 60.35 pence each in London on Monday morning.
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