("NetScientific" or the "Company" or the "Group")
Netscientific announces that BTG plc has purchased Wanda's shares in OncoVerse for next stage of development
London, UK - 24 April 2017 - NetScientific Plc (AIM: NSCI, "NetScientific", "the Group"), the transatlantic healthcare IP commercialisation Group, announces that its portfolio company Wanda has sold its holding in OncoVerse LLC ('OncoVerse' or 'the Company') to BTG plc ('BTG') for an undisclosed amount.
The sale represents a strong return on NetScientific's initial investment and a successful exit from the first downstream application from Wanda, validating Wanda's superior ability to provide support for clinicians.
OncoVerse is a digital health platform designed to allow cancer patients' care teams to collaborate and allow clinicians across all disciplines to work together to determine the most effective treatment plan for their patients.
OncoVerse was initially conceived by a Dignity Health physician and two administrators, who wanted a tool to improve team collaboration, especially when evaluating complex cancer cases and determining the appropriate treatment plans for patients. Dignity Health, one of the nation's largest health care systems, prototyped and tested the platform internally and then partnered with Wanda to further develop the software. Dignity Health has also been a co-investor in the joint venture since the platform's inception and will continue to be a shareholder alongside BTG.
NetScientific's equity in OncoVerse comes from its majority shareholding in Wanda.
Commenting on the news, François R. Martelet, Chief Executive Officer of NetScientific and Chairman of Wanda, said: "We believe the OncoVerse platform will become a leading tool in the management of cancer patients and we are proud to have been involved in helping bring it to maturity. The sale of the equity to BTG represents a strong return on NetScientific's initial investment, and underscores Wanda's unique expertise in creating tools which can support informed treatment decisions. We are continuing to work with Wanda to support the company in the development of remote health management tools and sophisticated data analysis and to identify other promising opportunities to maximise investment returns from the technology."
Foad Dabiri, CEO of Wanda, commented: "I am very proud of the team at Wanda for creating such a valuable product, in collaboration with Dignity Health, which helps improve quality of care for cancer patients. BTG's expertise and partnership will enable a strong path forward for Oncoverse and its mission. We at Wanda will continue focusing on building modern and innovative clinical solutions to enhance management of care for patients."
- Ends -
For more information, please contact:
François R. Martelet, M.D., CEO
Ian Postlethwaite, CFO
Tel: +44 (0)20 3514 1800
Stifel Nicolaus Europe Limited (NOMAD and broker)
Jonathan Senior/ David Arch/ Ben Maddison
Tel: +44 (0)20 7710 7600
Consilium Strategic Communications
Mary-Jane Elliott / Jessica Hodgson / Chris Welsh / Laura Thornton
Tel: +44 (0)20 3709 5700
NetScientific is a transatlantic healthcare technology group with an investment strategy focused on sourcing, funding and commercialising technologies that significantly improve the health and well-being of people with chronic diseases. For more information, please visit the website at www.netscientific.net
San Francisco-based Wanda is dedicated to advancing the effectiveness and efficiency of medicine by using machine learning in place of conventional technologies and by enabling clinicians to make more informed care decisions. Wanda recognizes that remote monitoring and algorithms cannot save lives or reduce hospitalizations unless the individual and their caregivers are promptly informed and highly engaged. Through the collaboration of data science and applied medical research, Wanda has proven that its inline analytics predict preventable events much better than conventional methods. Wanda serves as a diligent companion, providing encouragement and intelligent visual guidance that simplifies and improves lives, while simultaneously helping organizations reduce their care delivery costs. Wanda is a NetScientific portfolio company. More information about Wanda can be found at www.yourwanda.com.
BTG is a global specialist healthcare company bringing to market innovative products in specialist areas of medicine to better serve doctors and their patients. We have a portfolio of Interventional Medicine products to advance the treatment of cancer, severe emphysema, severe blood clots and varicose veins, and Specialty Pharmaceuticals that help patients overexposed to certain medications or toxins. Inspired by patient and physician needs, BTG is investing to expand its portfolio to address some of today's most complex healthcare challenges. To learn more about BTG, please visit: btgplc.com.
About Dignity Health
Dignity Health, one of the nation's largest health care systems, is a 22-state network of more than 9,000 physicians, 62,000 employees, and 400 care centers, including hospitals, urgent and occupational care, imaging centers, home health, and primary care clinics. Headquartered in San Francisco, Dignity Health is dedicated to providing compassionate, high-quality, and affordable patient-centered care with special attention to the poor and underserved. In FY16, Dignity Health provided $2.2 billion in charitable care and services. For more information, please visit www.dignityhealth.org.