NetScientific PLC has announced its investment in 30% of Wanda Connected Health Systems Limited (Wanda Health), an intelligent platform for remote patient monitoring and virtual care in the UK and the US. The company sold its c.90% interest in Wanda, Inc. (Wanda US) in 2019 but has now reacquired a strategic stake in Wanda, aligning with its strategy of deepening stakes in selected portfolio companies with high return potential. Wanda Health is focused on intelligent remote monitoring of physiological data, patient engagement, and healthcare analytics for post-acute care, chronic disease patients, and population health.
The aim of the investment is to provide NetScientific with exposure to the fast-growing remote patient monitoring market. Wanda Health's platform enables the control and reduction of hospitalization and readmission rates through a remote patient monitoring system that collects data from patients' homes or community settings and provides it to clinicians, highlighting high-risk cohorts. The company also uses comprehensive multi-modality patient engagement tools to ensure that adherence to treatment protocols increases, improving patient outcomes.
Upon the acquisition of Wanda US by Deeptech in March 2019, Dr. Ilian Iliev, now the CEO of NetScientific, was appointed as Chairman of Wanda. The aim was to progress the Wanda business from an R&D business into a commercially and growth-focused business, and to prepare it for scale-up and further external fundraising. Wanda Health was incorporated by Deeptech in June 2020 as a sister company to Wanda US to commercialize the technology in the UK and Europe.
In recognition of the services provided by EMV Capital to Wanda Health, Wanda Health agreed to pay EMV Capital a fee of approximately £62,658. In lieu of a cash payment to settle the fee, NetScientific's subsidiary has subscribed for 6,125 ordinary shares in the capital of Wanda Health, equivalent to the value of the fee and amounting to 30% of the enlarged issued share capital of Wanda Health.
In the 12 month period ended 31 December 2023, Wanda Health and Wanda US incurred a loss before taxation of £1.5 million. Connected with its services in structuring, and preparing the documentation relating to the investment and matters ancillary thereto, EMV Capital has charged a corporate finance transaction fee of £20,000 to Wanda Health.