WH Ireland applauded the progress of NetScientific PLC (LON:NSCI) investee company PDS Biotechnology Corporation (NASDAQ: PDSB), which has unveiled plans to raise US$45mln.
The broker said the latest funding round underlined investor confidence in the prospects for PDS and interest in its immuno-oncology platform, Versamune.
NetScientific, an investor in nascent life sciences and technology companies, has supported raises at US$1.30, US$2.75 and now US$8.50 a share (with its planned US$510,000 investment). It has a 5.7% stake in PDS valued at £8.3mln.
WHI, meanwhile, reckons NetScientific is worth significantly more than the current 116p share price. The company’s broker has a sum-of-the-parts valuation of 162p.