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Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul><li>The EMV Capital Evergreen EIS Fund invests in deep tech and life science companies with a focus on late seed to Series A.</li><li>The Fund applies a two-pronged investment approach with exposure to EMV Capital’s Venture Build and Co-Investment strategies.</li><li>A key component of post-investment support is a dedicated Value Creation Services practice, which supports selected portfolio companies in a variety of areas.</li></ul>

The EMV Capital Evergreen EIS Fund invests in deep tech and life science companies with a focus on late seed to Series A.The Fund applies a two-pronged investment approach with exposure to EMV Capital’s Venture Build and Co-Investment strategies.A key component of post-investment support is a dedicated Value Creation Services practice, which supports selected portfolio companies in a variety of areas.

EMVC Evergreen EIS Fund | EMV Capital Partners Limited

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

In late November 2018, NetScientific 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.

In late November 2018, NetScientific 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.

NetScientific - PDS agrees to merge with Edge Therapeutics

NetScientific announced the completion of a $10m Series A funding for Glycotest with Fosun Pharma, a Chinese pharmaceutical company with a market capitalisation of HK$71bn. As part of the transaction, Fosun will invest an initial tranche of $3m, with another $7m due upon the completion of certain milestones, in return for a 40% interest in Glycotest as well as the China rights for its hepatocellular carcinoma (HCC) panel. The transaction still needs to be approved by regulatory authorities in both China and the US (where Glycotest is based). Approval is expected in around 30 days’ time.

NetScientific announced the completion of a $10m Series A funding for Glycotest with Fosun Pharma, a Chinese pharmaceutical company with a market capitalisation of HK$71bn. As part of the transaction, Fosun will invest an initial tranche of $3m, with another $7m due upon the completion of certain milestones, in return for a 40% interest in Glycotest as well as the China rights for its hepatocellular carcinoma (HCC) panel. The transaction still needs to be approved by regulatory authorities in both China and the US (where Glycotest is based). Approval is expected in around 30 days’ time.

NetScientific - Fosun Pharma investing in Glycotest

NetScientific recently announced half-year results for 2018, with incremental progress continuing to be made, although we are yet to see that progress in reported revenues. In May 2018, Wanda, which focuses on digital health, and its partner Health Resource Solutions (HRS), achieved a 46% reduction in hospital readmissions in a high-risk congestive heart failure (CHF) population. In addition, in August ProAxsis announced a CE Mark for a fourth product, the ProteaseTag Active Proteinase 3 immunoassay, which was accompanied by a commercial sale to a large US biotechnology company.

NetScientific recently announced half-year results for 2018, with incremental progress continuing to be made, although we are yet to see that progress in reported revenues. In May 2018, Wanda, which focuses on digital health, and its partner Health Resource Solutions (HRS), achieved a 46% reduction in hospital readmissions in a high-risk congestive heart failure (CHF) population. In addition, in August ProAxsis announced a CE Mark for a fourth product, the ProteaseTag Active Proteinase 3 immunoassay, which was accompanied by a commercial sale to a large US biotechnology company.

NetScientific recently announced full-year results for 2017. It was a year of progress for the company, which is carrying forward into 2018. In February 2018, ProAxsis had its first commercial sale of Neutrophil Elastase Airways Test (NEATstik) for measuring active neutrophil elastase, in this case to a research lab conducting a respiratory clinical trial with a pharmaceutical company. In March, Vortex announced a collaboration with BioView for automated clinical biomarker identification of circulating tumour cells.

NetScientific recently announced full-year results for 2017. It was a year of progress for the company, which is carrying forward into 2018. In February 2018, ProAxsis had its first commercial sale of Neutrophil Elastase Airways Test (NEATstik) for measuring active neutrophil elastase, in this case to a research lab conducting a respiratory clinical trial with a pharmaceutical company. In March, Vortex announced a collaboration with BioView for automated clinical biomarker identification of circulating tumour cells.

NetScientific - Advancing on multiple fronts to commercialisation

United Kingdom

EMV Capital is a venture capital investment group specializing in early-stage companies within the deep tech and life sciences sectors. The firm focuses on identifying, investing in, and building high-growth companies with strong intellectual property in areas such as sustainability, robotics, AI, and healthcare technologies. It employs a capital-efficient investment strategy, leveraging its balance sheet and syndicating investments through its funds and network of third-party investors to proactively manage and support portfolio companies. The company was founded in 2012 and is headquartered in London, United Kingdom.

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EMV Capital (EMVC LN)

EMVC Evergreen EIS Fund | EMV Capital Partners Limited

The EMV Capital Evergreen EIS Fund invests in deep tech and life science companies with a focus on late seed to Series A. The Fund applies a...

Hardman & Co

NetScientific - PDS agrees to merge with Edge Therapeutics

In late November 2018, NetScientific announced that its portfolio company PDS Biotechnology and Edge Therapeutics (NASDAQ: EDGE) will merge. The...

Edison Investment Research

NetScientific - Fosun Pharma investing in Glycotest

NetScientific announced the completion of a $10m Series A funding for Glycotest with Fosun Pharma, a Chinese pharmaceutical company with a market...

Edison Investment Research

NetScientific - Steady as she goes

NetScientific recently announced half-year results for 2018, with incremental progress continuing to be made, although we are yet to see that...

Edison Investment Research

NetScientific - Advancing on multiple fronts to commercialisation

NetScientific recently announced full-year results for 2017. It was a year of progress for the company, which is carrying forward into 2018. In...

Edison Investment Research

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