ProAxsis Update

RNS Number : 9483A

NetScientific PLC

07 June 2021

 

NetScientific plc

("NetScientific" or the "Group")

ProAxsis Update

ProAxsis signs global in-licensing agreement with AstraZeneca for COVID-19 serology test 

London, UK - 7 June 2021 - NetScientific plc (AIM: NSCI), the international life sciences and sustainability technology investment and commercialisation Group, announces that its wholly owned subsidiary ProAxsis Limited ("ProAxsis" or the Company") has entered into an exclusive licensing agreement with the global biopharmaceutical company AstraZeneca. ProAxsis will take responsibility for completing the validation and global commercialisation of a SARS-CoV-2 (the virus associated with COVID-19) serology ELISA (enzyme-linked immunosorbent assay) developed by an internal research team at AstraZeneca. In return for providing access to the required intellectual property and technical know-how, AstraZeneca will receive a royalty fee on future Global net sales of the assay.

Dr. Ilian Iliev, CEO of NetScientific commented: "We are delighted to see continued progress, with another significant step in ProAxsis' expanding product portfolio and market opportunities. The assay could if fully validated potentially attract a substantial market. It is envisaged that the validation and initial commercialisation can be achieved largely from ProAxsis' existing resources."

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 Limited (www.proaxsis.com), the Belfast-based respiratory diagnostics company, is delighted to announce it has entered into an exclusive licensing agreement with the global biopharmaceutical company AstraZeneca. ProAxsis will take responsibility for completing the validation and global commercialisation of a SARS-CoV-2 (the virus associated with COVID-19) serology ELISA (enzyme-linked immunosorbent assay) developed by an internal research team at AstraZeneca. In return for providing access to the required intellectual property and technical know-how, AstraZeneca will receive an undisclosed royalty fee on future Global net sales of the assay.

Speaking about the agreement, Dr David Ribeiro, CEO of ProAxsis, commented:

"We're excited to be involved with this assay to support such a key area of global healthcare need.  The research team at AstraZeneca have already completed significant optimisation and validation work, which has demonstrated the assay's high potential sensitivity and specificity of detecting SARS-CoV-2 antibodies. ProAxsis will extend this work to support the identification of people who have raised antibodies against this challenging virus."

John Clarkson, Chairman of Netscientific plc and ProAxsis, added: "Expanding the product portfolio and customer service offering are stated goals for ProAxsis, so we're delighted with the continued progress and reaching this mutually beneficial agreement with AstraZeneca. Following the huge impact of the coronavirus pandemic on society, it's excellent news that we can play our part in the COVID-19 response and help deliver real benefits to the community, through the application of ProAxsis' expertise in respiratory assays."

Ruth March, SVP, Precision Medicine, AstraZeneca said: "The development of this serology ELISA by our team is another example of AstraZeneca's comprehensive response to the COVID-19 pandemic. This highly sensitive and specific blood test makes use of simple and convenient fingerstick sample collection that will be well suited to large scale deployment and has the potential to play an important role in antibody analyses in large populations."

Any enquiries concerning ProAxsis' work in respiratory diagnostics can be directed to [e-mail].

About ProAxsis

ProAxsis Limited is a commercial 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.

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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
Nick Rome / Paul McManus/ Nicholas Johnson	07748 325 236 or 07980 541 893 or 07884 664 686

About NetScientific

NetScientific plc (AIM: NSCI) is a holding company, that invests in, develops, commercialises and realises shareholder value in life sciences/healthcare, sustainability and technology companies, which offer significant growth potential predominately in the UK and USA, as well as globally. 

With the acquisition of EMV Capital in August 2020, the Group doubled its portfolio from 8 to 17 companies, either through direct subsidiary, balance sheet investment or capital under advisory, varying from start-up private companies to publicly listed equities. 

NetScientific delivers shareholder returns through a proactive and hands-on management approach to their portfolio companies; identifying, investing in, and helping to build game-changing companies. The Group targets value inflection points and the release of value through partial or full exits from trade sales, public listings, or equity sales. The Company has a strong transatlantic and growing international presence, providing attractive expansion prospects. 

NSCI can deploy a capital-light investment structure; utilising the power of the PLC Brand, and the NetScientific balance sheet to anchor future investments and achieve a multiplier effect by attracting 3rd party investment for the portfolio companies. 

NetScientific is headquartered in London, United Kingdom, and was admitted to trading on AIM, a market operated by the London Stock Exchange, in 2013 (website:  www.netscientific.net ).

 

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