NetScientific joins in PDS Biotechnology public offering
By Josh White
Date: Wednesday 12 Aug 2020
(Sharecast News) - Healthcare intellectual property company NetScientific announced on Wednesday that its portfolio company PDS Biotechnology has finalised the pricing of its underwritten public offering, consisting of six million shares at a price of $2.75 (£2.11) each.
The AIM-traded firm said the gross proceeds from that were expected to be $16.5m before expenses, with the offering expected to close on 13 August, subject to customary conditions.
NetScientific has subscribed £0.5m for 236,000 shares, and pending receipt of funds from its agreed placement, which is expected at the end of August, the short-term finance was covered by drawing down £0.4m under its loan facility with the AB Group, and the rest coming from existing resources.
The company holds 5.99% of PDS's undiluted share capital after the offering.
"With this funding round, PDS Biotech can accelerate its clinical trials programme and progress the company's development of cancer treatment and infectious disease vaccine programmes 0 including for Covid-19 - based on its 'Versamune' platform," said Dr Ilian Iliev, NetScientific's chief executive officer and member of the PDS board.
"Securing such significant funding during a volatile period in the economy indicates the increasing market recognition of PDS Biotech as an emerging market leader."
At 1029 BST, shares in NetScientific were down 0.32% at 7.85p.
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