Edison issues update on NetScientific (NSCI)
November 30, 2018 at 09:39 AM EST
LONDON, Nov. 30, 2018 (GLOBE NEWSWIRE) -- In late November 2018, NetScientific (AIM: NSCI) announced that its portfolio company PDS Biotechnology and Edge Therapeutics (NASDAQ: EDGE) will merge. The new entity will trade on the NASDAQ and PDS’s shareholders will maintain majority ownership with a 70% stake, whereas Edge’s shareholders will hold the remaining 30%. The transaction is expected to close in Q119 and NetScientific’s ownership is expected to decrease to 9.2% (from 13.1%). The newly formed entity says it intends to use the combined cash balance of ~$25m to initiate several Phase II clinical trials of its PDS0101 cancer vaccine and to fund operations into 2020.
On 26 November 2018, NetScientific announced that it is interested in exploring strategic alternatives to maximise value for its shareholders. Such approaches include selling the company in its entirety or selling specific holdings in its portfolio of investments. NetScientific is not in discussions with third parties at this time.
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