ProAxsis Update

RNS Number : 8052P

NetScientific PLC

22 February 2021

 

NetScientific plc

("NetScientific" or the "Company")

ProAxsis Update

ProAxsis Limited enters licensing agreement with top Swiss University as it continues to develop novel new products in the fight against fractures and other metabolic bone diseases

London, UK - 22 February 2021 - NetScientific plc (AIM: NSCI), the life sciences and sustainability technology investment and commercialisation Group, announces that its portfolio company ProAxsis Limited ("ProAxsis") has announced that it has entered into a global licensing agreement with the University of Geneva and the University Hospital of Geneva, to develop new assays against fractures and other metabolic bone diseases. 

Researchers at the University have developed a highly novel assay for a Cathepsin K-dependent periostin cleavage product, as a biomarker of bone fragility related to disorders such as osteoporosis. The technology is currently the subject of patent applications in Europe and the US.  As a result of this agreement, ProAxsis will complete the technical validation of the assay, and seek to commercialise the assay in key territories before the end of 2021.

John Clarkson, Chairman of NetScientific and ProAxsis, commented:

"It's great to see the continued progress with another step forward in the planned strategy at ProAxsis. This agreement further strengthens the company's customer offer in a target market. The commercialisation potential, working alongside such a prestigious partner, provides a further positive milestone for investors."

Speaking about the plans, Dr David Ribeiro, CEO of ProAxsis, said:

"We believe this assay will allow the rapid non‐invasive identification of subjects at high risk of osteoporotic fractures and potentially other metabolic bone diseases.  This is an incredibly exciting addition to our product portfolio and fits with our business growth plans; including identifying and in-licensing diagnostic tools which fulfil a high unmet need."

NetScientific holds 95% of ProAxsis on a fully diluted basis.

The full text of the announcement from ProAxsis can be found below.

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ProAxsis (www.proaxsis.com), the Belfast-based diagnostics company, and a collaboration of the University of Geneva and the University Hospital of Geneva, today announce that they have reached agreement on a global licensing agreement.  Researchers at the University have developed a highly novel assay for a Cathepsin K-dependent periostin cleavage product, as a biomarker of bone fragility related to disorders such as osteoporosis. The technology is currently the subject of patent applications in Europe and the US.  As a result of this agreement, ProAxsis will complete the technical validation of the assay, and seek to commercialise the assay in key territories before the end of 2021.

Speaking about the plans, Dr David Ribeiro, CEO of ProAxsis, said:

"We believe this assay will allow the rapid non‐invasive identification of subjects at high risk of osteoporotic fractures and potentially other metabolic bone diseases.  This is an incredibly exciting addition to our product portfolio and fits with our business growth plans; including identifying and in-licensing diagnostic tools which fulfil a high unmet need."

Professor Serge Ferrari , Head of Bone Diseases at the University of Geneva and one of the inventors of the assay technology, said:

"Fragility fractures are a major clinical and public health issue, yet identification of subjects at high risk of fracture remains challenging. The high specificity of the Cathepsin K digested periostin fragment for bone thus presents itself as an ideal candidate to improve prediction of bone fragility."

Dr Jennifer Cadby, Licensing Officer at the University of Geneva , added:

"We're delighted to have signed this agreement with ProAxsis and are excited to combine the expertise of the groups in Geneva and Belfast."

Any enquiries concerning ProAxsis' product portfolio can be directed to   [e-mail] .  F or further information on the University of Geneva, please visit www.unige.ch

About ProAxsis

ProAxsis Limited is a commercial-stage diagnostics company, based in Northern Ireland, and with a rapidly growing global client list of pharmaceutical companies and academic laboratories. The company has registered a CE Mark for activity-based immunoassays targeting Neutrophil Elastase (NE) and Proteinase 3, as biomarkers of lung infection and inflammation in chronic respiratory diseases such as COPD, cystic fibrosis and bronchiectasis. 

This technology has been translated into a point-of-care test (NEATstik®), to enable ongoing monitoring of active NE levels.  Recently published data has shown that measuring active NE levels using NEATstik® enables identification of patients with airway bacterial infection and those patients at highest risk of suffering pulmonary exacerbations over the subsequent 12 months. 

In addition to proteases, the company also has significant expertise in the measurement of other inflammatory biomarkers, including IL-6, IL-8 and TNF-alpha.  Grant-funded R&D funded projects for a variety of targets remain a key area of focus.

Aside from the provision of assays, ProAxsis can offer sample analysis at its purpose-built laboratory facility in Belfast and is currently supporting a number of pharmaceutical company-sponsored Phase I, II and III clinical trials.

ProAxsis became a fully owned subsidiary of Netscientific plc in October 2020. 

To learn more, please visit www.proaxsis.com .

About University of Geneva

Our University is recognized today as one of the top 100 universities in the world and the second largest innovative player in Europe (Nature Index Innovation). We encourage interdisciplinarity both in teaching and research, which has garnered us worldwide recognition.

To learn more, please visit www.unige.ch.

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.

For more information, please contact:

NetScientific	Via Walbrook PR
Ilian Iliev, CEO
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel	[phone]
Walbrook PR
Anna Dunphy/ Nick Rome/ Paul McManus/ Nicholas Johnson	07876 741 001 or 07748 325 236 or 07980 541 893 or 07884 664 686

About NetScientific

NetScientific Plc is a life sciences and sustainability technology investment and commercialisation Group, leveraging trans-Atlantic relationships and global opportunities to deliver shareholder value.

For more information, please visit the website at  www.NetScientific.net

 

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