LONDON: Glycotest, a company developing blood tests for liver cancer, has received a $1 million follow-on investment from Fosun Industrial Co., Limited, a Chinese conglomerate.
The investment is part of a $10 million deal signed in 2019, which also grants Fosun access to Glycotest’s intellectual property in certain situations. Fosun still owes $2 million to Glycotest, contingent on meeting some milestones.
Glycotest will use the funds to convert its secured loans into preferred shares, increasing its ownership to 55.90 per cent, while Fosun will hold 34.75 per cent.
The company will also use the funds to validate its assays and prepare for commercial launch. Glycotest claims to have one of the world’s largest biobanks of liver cancer blood samples, collected from a clinical study completed in 2023. The company is also in talks with potential partners for collaboration.
Dr Ilian Iliev, CEO of NetScientific, the parent company of Glycotest, said: “We welcome this additional funding from Fosun. These investments demonstrate strong financial support as Glycotest continues to progress towards commercialisation, including in the US and China.
EMV Capital securing this third party funding is a further example of our capital efficient investment model, allowing Glycotest to grow without reliance upon the NetScientific balance sheet, and deploying our Value Creation Services team to underpin that growth.”
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