LONDON (ShareCast) - (Sharecast News) - NetScientific said one of its portfolio companies had signed a deal to speed up development of a potential Covid-19 vaccine.
PDS Biotechnology of the US said it had signed a deal with Brazil's Farmacore Biotechnology toe develop Versamune-CoV-2FC. The companies will accelerate the vaccine into phase 1 clinical testing in Brazil with initial support from Brazil's science ministry.

The Covid-19 programme expands on the companies' existing collaboration to develop a vaccine for tuberculosis using PDS's Versamune technology.

NetScientific, an investor in companies seeking to treat chronic diseases, owns 7.18% of PDS's shares. Its holding was reduced from 10.28% in February when PDS issued equity in February to raise $12m though NetScientific bought $650,000 of the shares.

Ilian Iliev, NetScientific's chief executive, said: "We are delighted with the solid progress made by PDS Biotechnology since the investment anchored by NetScientific earlier this year, and that it is contributing to the global efforts towards the Covid-19 pandemic."

NetScientific's shares rose by more than 20% in an initial response to the news but were down 4% to 6.24p at 14:58 BST.

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