NetScientific PLC Board Change (8012Z)

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RNS Number : 8012Z

NetScientific PLC

15 January 2020

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

NetScientific plc

("NetScientific" or the "Company")

Board Change

Resignation of Ian Postlethwaite as CEO, CFO and Company Secretary

London, UK - 15 January 2020: NetScientific plc (AIM: NSCI), the transatlantic healthcare IP commercialisation Group, today announces that Ian Postlethwaite yesterday served six months' notice to step down as CEO, CFO and Company Secretary. Ian's departure date is scheduled for July 14(th) 2020 in accordance with his service agreement, and to ensure an orderly transition. Ian is leaving NetScientific after four years to pursue other career opportunities.

The Board is continuing with its strategy review to determine how best to optimise returns to shareholders and decide on the required management arrangements. The Board anticipates announcing the findings of that review in conjunction with the Company's results for the year ended 31 December 2019.

The Board intends to commence a process for future appointments following the conclusion of that review.

Sir Richard Sykes, Chairman of the NetScientific, said: "Ian's support has been valuable to NetScientific. He has provided a safe pair of hands during this challenging time as we continue to make the most of our reduced central costs and maximise the potential in our remaining portfolio companies to deliver value to our shareholders. The Board would like to put on record its gratitude to Ian for his contribution in the transitioning of NetScientific since he took over as CEO last year and previously as CFO, and we wish him every success in his future interests."

Commenting on his resignation, Ian Postlethwaite, added: "I have thoroughly enjoyed working with the team at NetScientific and truly believe that our portfolio companies hold great promise. Following last year's changes, I have worked to transition the Company to a low cost operating model and have supported the development of its three key assets: with Glycotest Inc. concluding its Series A financing round with Shanghai Fosun Pharmaceutical Co. Ltd, PDS Biotechnology Corporation completing its all share merger with Edge Therapeutics, and ProAxsis forecasting to reach cash break-even this year. "

For more information, please contact:

 
 NetScientific                                  Tel: [phone] 
                                                 1800 
 
 WH Ireland Limited (NOMAD, Financial Adviser   Tel: [phone] 
  and Broker)                                    1666 
  Chris Fielding / Darshan Patel 
 

About NetScientific

NetScientific PLC is a transatlantic healthcare IP commercialisation Group focused on technologies and companies that have the potential to treat chronic disease and significantly improve the health and well-being of people.

For more information, please visit the website at www.NetScientific.net

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January 15, 2020 02:00 ET (07:00 GMT)