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10 September 2013

NetScientific targets £30m IPO

UK-based commercialisation company NetScientific aims for £30m ($47m) with impending IPO.

Author: Gregg Bayes-Brown, editor

NetScientific, a UK-based commercialisation firm chaired by former GlaxoSmithKline chairman Richard Sykes, has unveiled plans to raise £30m ($47m) in an initial public offering on London’s AIM market, valuing the company at £57.5m.

The company, which maintains a presence in Cambridge and New York in addition to its Amersham HQ, develops and commercialises research and technology emanating from a number of UK universities, hospitals, and research institutes, as well as Drexel University in the US.

The IPO will be used to support the launch of two matured technologies in 2014. Although which technologies were not disclosed, NetScientific’s key areas of focus are drug development, medtech, and clean tech.

Farad Azima, chief executive of NetScientific, said: "We have not sought any other funding up until now. We have been working on a number of technologies for the last five or six years in various research institutes. Floating was the best route to raise funding because we are in a position now where the profile of the company would be helped by becoming a public company. It will also support our global presence and reach."

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