ProAxsis Reports First NEATstik Sale

RNS Number : 9155E

NetScientific PLC

15 February 2018

 

 

NetScientific plc

("NetScientific" or the "Company" or the "Group")

ProAxsis reaches the commercialisation stage of its technology by reporting its first NEATstik sale

London, UK - February 15^th 2018 - NetScientific plc ("NetScientific", AIM:NSCI), the transatlantic healthcare IP commercialisation group, provides an update on its portfolio company ProAxsis, which today announces its first sale of NEATstik®, the company's point-of-care test for measuring neutrophil elastase, to a research laboratory conducting a respiratory clinical trial for a pharmaceutical company.  NEATstik® was registered with a CE Mark in the second half of 2017 and utilises the company's proprietary ProteaseTag® technology to allow the rapid, qualitative measurement of the active form of neutrophil elastase, an established biomarker of lung infection and inflammation.

Commenting on the news, Francois Martelet, Chief Executive Officer of NetScientific and Chairman of ProAxsis, said: "We are very pleased to note the first sale of the NEATstik®, which represents a significant milestone for ProAxsis as it begins to commercialize. We are also very pleased with the sales performance of the Neutrophil Elastase Immunoassay (NEIA) product, targeted at the research market, where we believe ProAxsis maintains a competitive advantage through its ProteaseTag® technology. We continue to expect ProAxsis will be able to generate over £1m in revenue for 2018."

NetScientific holds a 57% stake on a fully diluted basis in ProAxsis.

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

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For more information, please contact:

NetScientific   François R. Martelet, M.D., CEO   Ian Postlethwaite, CFO	Tel: [phone]
Consilium Strategic Communications   Mary-Jane Elliott / Jessica Hodgson /   Chris Welsh / Laura Thornton	Tel: [phone] [e-mail]
Stifel Nicolaus Europe Limited (NOMAD and Broker) Jonathan Senior / David Arch / Ben Maddison	Tel: [phone]

ProAxsis reports first NEATstik® sale

Date: February 15th, 2018

Following on from the commercialisation update provided in November, ProAxsis is pleased to report the first sale of NEATstik®, the company's novel sputum-based point-of-care test, to a research laboratory conducting an ongoing respiratory clinical trial for a pharmaceutical company.  NEATstik® was registered with a CE Mark in the second half of 2017 and utilises the company's proprietary ProteaseTag® technology to allow the rapid, qualitative measurement of the active form of neutrophil elastase, an established biomarker of lung infection and inflammation.

Dr David Ribeiro, CEO of ProAxsis, commented: "The first sale of our innovative point-of-care test, NEATstik®, is another notable milestone for the company, as we expand our portfolio of commercialised products.  This, combined with a strong sales performance for the company's ProteaseTag® Active Neutrophil Elastase Immunoassay in January, represents a very positive start to the year for the company's commercial aspirations in 2018."

About NetScientific

NetScientific is a transatlantic healthcare technology group with an investment strategy focused on sourcing, funding and commercialising technologies that significantly improve the health and well-being of people with chronic diseases. For more information, please visit the website at www.netscientific.net

About ProAxsis Limited

ProAxsis is developing a range of products for the capture, detection and measurement of active protease biomarkers of diseases. Its first immunoassay measures active neutrophil elastase, a leading indicator of infection and inflammation in patients with Cystic Fibrosis (CF), Chronic Obstructive Pulmonary Disease (COPD) and bronchiectasis, and an important drug target. A rapid point-of-care test for measuring neutrophil elastase, called NEATstik®, was registered with a CE Mark in September 2017.  The laboratory-based immunoassays and point-of-care tests being developed by ProAxsis incorporate patented ProteaseTags®; smart molecules which trap an active protease within a complex biological sample and enable a visual readout of its presence. ProteaseTags® provide a unique tool to identify and quantify active protease biomarkers and will assist in the clinical validation of new therapeutics.

ProAxsis is part of the NetScientific Group and is one of the Group's core portfolio companies.  The company is also supported by QUBIS, the commercialisation arm of Queens University. To find out how ProAxsis can support the measurement of active protease biomarkers of disease, or for any further queries, please contact [e-mail]

 

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