NetScientific PLC ProAxsis appoints DiaPharma as distributor

TIDMNSCI

NetScientific PLC

19 November 2020

NetScientific plc

("NetScientific" or the "Company")

ProAxsis Limited appoints DiaPharma as distributor to key North America region

London, UK - 19 November 2020 - NetScientific plc (AIM: NSCI), the life sciences, technology investment and commercialisation company, announces that its portfolio company ProAxsis Limited ("ProAxsis"), today announced that it has appointed DiaPharma Group Inc. ("DiaPharma") as the exclusive distributor of its portfolio of respiratory research assays for the key North America region.

Based in Ohio, DiaPharma has specialised in the commercialisation of products within the research and diagnostic fields in the United States and Canada since it was founded in 1997. This partnership agreement provides them with exclusive access to ProAxsis' activity-based immunoassay kits for the quantification of the active forms of neutrophil elastase, proteinase 3 and cathepsin G.

Speaking about the agreement, Dr David Ribeiro, CEO of ProAxsis, said: "We're delighted to have reached this agreement with DiaPharma. Finding a suitable commercial partner for our portfolio in North America was a key short-term objective for the company and we are very excited about partnering with a company that has such experience in the commercialisation of research-focused products in this region of substantial commercialisation potential."

With over 20 years of expertise in proteolytic enzyme activity assays, DiaPharma sees a natural fit with ProAxsis. Olivia Stricker, PhD, Business Development Manager at DiaPharma, added: "We're pleased to have gained access to the innovative ProteaseTag(R) technology of ProAxsis and look forward to providing our customers with solutions for protease-focused research at the bench and clinical trials."

John Clarkson, Chairman of NetScientific Plc said: "Following the acquisition of all the outside shareholdings, this is another significant step in the continued planned business growth of ProAxsis and accelerating progress into international markets. ProAxsis has made strong progress this year and this latest announcement illustrates the increased potential for its respiratory diagnostics offering in a post COVID-19 world. This also reinforces NetScientific's strategy of expanding cross-Atlantic bridges for our portfolio companies."

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

# # #

ProAxsis Limited appoints distributor to key North America region

ProAxsis Limited (www.proaxsis.com), the Belfast-based diagnostics company specialising in the measurement of active proteases and other inflammatory biomarkers, today announces that it has appointed DiaPharma Group Inc. as the exclusive distributor of its portfolio of respiratory research assays for the North America region.

Based in Ohio, DiaPharma has specialised in the commercialisation of products within the research and diagnostic fields in the United States and Canada since it was founded in 1997. This partnership agreement provides them with exclusive access to ProAxsis' activity-based immunoassay kits for the quantification of the active forms of neutrophil elastase, proteinase 3 and cathepsin G.

Speaking about the agreement, Dr David Ribeiro, CEO of ProAxsis, said: "We're delighted to have reached this agreement with DiaPharma. Finding a suitable commercial partner for our portfolio in North America was a key short-term objective for the company and we are very excited about partnering with a company that has such experience in the commercialisation of research-focused products in this region of substantial commercialisation potential."

With over 20 years of expertise in proteolytic enzyme activity assays, DiaPharma sees a natural fit with ProAxsis. Olivia Stricker, PhD, Business Development Manager at DiaPharma, added: "We're pleased to have gained access to the innovative ProteaseTag(R) technology of ProAxsis and look forward to providing our customers with solutions for protease-focused research at the bench and clinical trials."

Any enquiries concerning ProAxsis' work with proteases and other inflammatory biomarkers can be directed to [e-mail].

To learn more about DiaPharma, please visit www.diapharma.com.

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 developed activity-based immunoassays for the specific quantification of the active form of Neutrophil Elastase, Proteinase 3 and Cathepsin G.

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.

Aside from the provision of assays, ProAxsis is able to offer a sample analysis service 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 about ProAxsis, please visit www.proaxsis.com .

About DiaPharma

DiaPharma Group, Inc. in West Chester, Ohio is a privately held distributor of superior biotechnology products throughout the US and Canada. For over 25 years, DiaPharma has been the exclusive distributor of Chromogenix, a gold standard in chromogenic substrate technology, and have grown to represent assays for hemostasis and thrombosis, as well as unique biomarkers for organ damage, oncology, autoimmunity, infectious diseases, metabolic syndrome, and ecotoxicology. The product menu ranges from chromogenic substrates, activity assays, ELISA kits and antibodies to instrumentation. DiaPharma's team provides strong technical competence and experience to clinical and research scientists to ensure customer expectations will be met or exceeded.

To learn more about DiaPharma, please visit www.diapharma.com.

# # #

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

Ilian Iliev, CEO Tel: [phone]

WH Ireland (NOMAD, Financial Adviser and Broker)

Chris Fielding / Darshan Patel Tel: [phone]

About NetScientific

NetScientific is a life sciences, 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 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAEAXFPFAPEFFA

(END) Dow Jones Newswires

November 19, 2020 02:00 ET (07:00 GMT)