Embattled commercialisation firm NetScientific is closing two medical diagnostics spinouts from UCLA after both failed to attract external funding.
Commercialisation firm NetScientific is to wind down two of its US-based portfolio companies, Wanda and Vortex Biosciences, both spinouts of University of California, Los Angeles (UCLA) focused on digital health and cancer diagnostics respectively.
The pair were identified as targets for efficiencies in a strategic review published by NetScientific on February 15 on account of them failing to secure external funding to service continued development.
However, NetScientific rejected a preliminary approach for the companies from an unidentified suitor, after concluding the offer price was insufficient to justify sustaining the businesses through due diligence and negotiations.
Wanda was founded in 2011 to commercialise a remote healthcare analytics and management platform for chronic diseases, while Vortex Biosciences was formed the following year to pursue diagnostics research into circulating cancer tumour cells.
NetScientific has been battling to reduce the $6.4m committed to its portfolio companies in each of…
