EMV Capital managing director Ilian Iliev has replaced Ian Postlethwaite as CEO of NetScientific on a part-time basis.

Ian Postlethwaite has resigned as CEO of UK-based commercialisation firm NetScientific to be replaced by Ilian Iliev (pictured) on a part-time basis.

Postlethwaite stood down on April 30 after being appointed to the role as caretaker following François Martelet’s resignation one year ago.

Iliev takes the reins having previously served NetScientific as a non-executive director.

He will continue as managing director of investment firm EMV Capital, which acquired two University of California medical diagnostics spinouts from NetScientific in March 2019.

Iliev told GUV: “I am delighted to join NetScientific as CEO, to lead the company’s approach to maximising value from the existing portfolio companies.

“This follows work done over the last few months by myself and the new chairman for a more proactive management approach to implement improvements. This is happening in a challenging period due to COVID-19, but also a time when opportunities are increasing for companies in the healthcare space.”

Iliev founded EMV Capital in 2018 as a spin-out from EcoMachines Ventures which he co-founded in 2013. Prior to that he was co-founder and CEO of CambridgeIP, and also helped found telehealth diagnostics service provider DiagnovIS.

Iliev’s appointment comes after NetScientific’s preliminary financial results for 2019 last week, where it reported reduced losses year-on-year.

In the same announcement, Stephen Crowe was named NetScientific’s chief financial officer, a post he has held as caretaker since November 2018.

– This report was updated to reflect the fact Ian Postlethwaite was appointed CEO on an interim basis, and to add comment and information supplied by Ilian Iliev.