Resignation of CEO

RNS Number : 0174X

NetScientific PLC

25 April 2019

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014

NetScientific plc

("NetScientific" or the "Company")

Resignation of CEO

NetScientific announces that it has accepted today the resignation of François Martelet as its CEO. François has resigned to assist the Company in reducing its central costs and to pursue other career opportunities. He will depart on 30 April 2019 in accordance with the terms of his service agreement.

Ian Postlethwaite, currently CFO and Company Secretary of NetScientific, will henceforth combine these roles with that of CEO.

The Company also announces that the lease of the Company's headquarters at 6 Bevis Marks London EC3A 7BA was terminated on 29 March 2019 and it continues to review all other activities to manage its cash resources effectively.

Commenting on his resignation, François Martelet stated: "Out of the five assets we selected in 2015 I am pleased to report that three have made it to the commercial stage (Vortex Biosciences, ProAxsis Limited and Wanda, Inc.). Glycotest Inc. concluded its Series A financing round with Shanghai Fosun Pharmaceutical Co., Ltd. and PDS Biotechnology Corporation completed its all share merger with Edge Therapeutics.

I would like to thank the NetScientific Board, in particular Sir Richard Sykes, for the great support provided over the last four years."

Sir Richard Sykes, Chairman of the Company stated: "The Board would like to put on record its gratitude to François for his leadership of NetScientific since 2015 in a challenging IP commercialisation environment and wishes him every success in his future interests. We will seek to make the most of our reduced central costs with the aim of maximising the potential in our remaining portfolio companies."

For more information, please contact:

NetScientific Ian Postlethwaite, CFO	Tel: [phone]
WH Ireland Limited (NOMAD, Financial Adviser and Broker) Chris Fielding / Jessica Cave	Tel: [phone]

About NetScientific

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 http://www.NetScientific.net

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