NetScientific’s Glycotest secures US$1m follow-on investment from Fosun
NetScientific, a deep tech and life sciences venture capital investment group, announced that its portfolio company Glycotest has secured a US$1m follow-on investment from Fosun Industrial.
As previously announced in May 2023, Fosun agreed to make the investment as part of a US$10m investment and licensing agreement signed between the parties in 2019. The agreement was conditional on Glycotest providing Fosun with a license allowing it direct assess to IP licensed by Glycotest. As Glycotest has now procured the license, Fosun’s remaining investment commitment stands at US$2m, subject to milestones agreed in the 2019 contract.
