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NetScientific acquires outstanding shares in diagnostics group ProAxsis
StockMarketWire.com
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Life sciences and technology investor NetScientific said it had agreed to acquire the outstanding minority interest of 43.6% of portfolio company ProAxsis for around £0.23 million.
ProAxsis was commercial-stage diagnostics company, based in Northern Ireland, with a growing global client list of pharmaceutical companies and academic laboratories.
In the year ended 31 December 2019, it generated revenues of £0.73 million and a net loss of £0.18 million.
'In line with the group's strategic review and stated plans, ProAxsis is an example of the strong commercialisation potential of spin out companies from UK Universities such as Queen's University Belfast,' chief executive Ilian Iliev said.
'This provides an early investment realisation opportunity for the company's two co-founders, professor Lorraine Martin and Professor Brian Walker, while allowing the company to continue and accelerate its growth.'
Story provided by StockMarketWire.com
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