ProAxsis: Sales Update

RNS Number : 0220X

NetScientific PLC

21 November 2017

 

NetScientific plc

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

ProAxsis Announces Sales Acceleration of its CE Marked Active Neutrophil Elastase Immunoassay

London, UK - 21 November 2017 - NetScientific plc ("NetScientific", AIM:NSCI), the transatlantic healthcare IP commercialisation group, notes the announcement by its portfolio company, ProAxsis, which today provides an update on sales of its ProteaseTag® Active Neutrophil Elastase Immunoassay (NEIA). ProAxsis forecasts direct sales of the NEIA to increase by a factor of three in the H2 2017 period compared to H1 2017 and expect total revenue to surpass £1m in 2018.

Commenting on the news, Francois Martelet, Chief Executive Officer of NetScientific and Chairman of ProAxsis, said: "We are pleased to see signs of rapid market adoption of the CE marked NEIA test which uses ProAxsis' market leading ProteaseTag® technology. We are especially encouraged to see the acceleration of sales through a combination of repeat orders and new customers from leading research institutions across Europe and the US. We expect 2018 to be a pivotal year for ProAxsis with further planned product launches and potential industry partnerships as value inflection points."

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

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

#  #  #

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 provides update on commercialisation progress

Date: November 21, 2017

Having reached the first anniversary following relocation to its new purpose-built laboratory on the Catalyst Inc. site in the Titanic Quarter of Belfast, ProAxsis is pleased to provide an update on the commercialisation of its ProteaseTag® technology.

The ProteaseTag® Active Neutrophil Elastase Immunoassay was registered with a CE Mark in the latter half of 2016, and is becoming increasingly popular with both academic and pharmaceutical company researchers.  Kit sales of this immunoassay to date in H2 2017 are already more than triple those recorded in H1 2017.  Importantly, whilst new customers continue to initiate first usage of the immunoassay, more than 75% of 2017 customers have returned with follow-up orders.  As a result of the increased awareness and requests for the immunoassay, the company announced recently that it has appointed its first distributor, Diagenics Limited, to provide in-field sales support across the UK and Ireland.

The company's first point-of-care test, NEATstik®, was recently registered with a CE Mark, and the company maintains a strong R&D pipeline, with further product launches anticipated in the near future. Resultantly, ProAxsis remains on track to surpass £1m in total revenue for 2018.

Dr David Ribeiro, CEO of ProAxsis, commented: "We're greatly encouraged by the rapid acceleration in sales of our first product to be registered with a CE Mark, and anticipate significant further growth in 2018.  This ongoing growth for our existing portfolio, together with the planned launch of further ProteaseTag® immunoassays within the next 6 months, gives us an expectation of enhanced commercial success in 2018."

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]

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 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. The rapid and easy-to-use 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.

 

END

 

 

PFUEAKFEALLXFFF