LONDON, UK: NetScientific plc (LON: NSCI) has acquired 75% of the issued share capital of Cetromed Limited, a life sciences holding company with several portfolio companies spun out of the University of Leuven, Belgium.

The acquisition of the majority stake in Cetromed will result in further internationalisation of NetScientific’s portfolio and exposure to a key European high-tech cluster around University of Leuven, whilst being consistent with the Group’s capital light strategy.

Cetromed was a holding company owned by the Azima Trust (through Zahra Holdings Ltd), the family trust of Farad Azima, the founder and ex-CEO of NetScientific (who passed away in 2020). The portfolio was formed around several life sciences investments commercialised out of the Belgium-based K.U. Leuven, a leading European research institution with strengths in Medical Technologies, Bio-Sciences and Environment, and others.

The consideration of £192,390 for the acquisition comprises:

(i)      the issue of 146,542 NetScientific new ordinary shares (“Consideration Shares”) valued at £150,000 based on an agreed price per share of £1.0236, based upon the average of the middle market quotations between 1 November 2021 and 5 November 2021 (inclusive); and

(ii)     the issue of warrants to subscribe for a further 146,542 NetScientific new ordinary shares at a strike price of £1.30 per share and exercisable within five years, valued at £42,390.00.

Dr. Ilian Iliev, CEO of NetScientific commented: “We were delighted to work with the Azima Trust on this opportunity, building on the founder’s legacy. The deal demonstrates NSCI’s capital light investment approach, is additive to NSCI’s balance sheet and opens up future opportunities at minimal cash commitment. In line with our international approach, it also establishes relationships in a key European high-tech cluster around the University of Leuven. The co-investment in Fox Biosystems alongside credible EU VC investors provides further growth potential.”