NetScientific PLC ProAxsis appoints Diagenics Limited as Distributor

TIDMNSCI

NetScientific PLC

14 September 2017

NetScientific plc

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

ProAxsis Appoints Diagenics Limited as Sales Distributor for the UK and Ireland

London, UK - September 14(th) 2017 - NetScientific plc ("NetScientific", AIM:NSCI), the transatlantic healthcare IP commercialisation group, announces an update for its portfolio company, ProAxsis. ProAxsis today announces that it has appointed Diagenics Limited as the distributor for its ProteaseTag(R) Active Neutrophil Elastase Immunoassay in Great Britain and Ireland. The appointment is expected to accelerate the commercial uptake of ProAxsis' technology, increasing near-term sales potential for ProAxsis.

Commenting on the news, Francois Martelet, Chief Executive Officer of NetScientific and Chairman of ProAxsis, said: "We are delighted to announce the build of commercial operations for ProAxsis and we have high confidence in the platform of Diagenics Limited to respond to the increase in demand for ProAxsis' immunoassays given its strong market reputation. The expansion of sales capabilities represents a critical milestone for ProAxsis and brings our portfolio company closer to significant value creation."

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

ProAxsis appoints first distributor for NE Immunoassay

Date: September 14, 2017

ProAxsis today announces that the company has appointed Diagenics Limited as the distributor for its ProteaseTag(R) Active Neutrophil Elastase Immunoassay in Great Britain and Ireland. Founded in 1994, Diagenics supply high quality diagnostic products to NHS and private hospitals, as well as University and industrial biomedical research laboratories throughout the UK region.

Dr David Ribeiro, CEO of ProAxsis, said: "The ProteaseTag(R) Active NE Immunoassay offers highly sensitive and specific measurement of only the active form of neutrophil elastase. Previously published work has shown that utilising the immunoassay to measure active NE in patients with respiratory disease can help to identify those at greatest risk of an impending pulmonary exacerbation. Due to the increasing interest we've received for the immunoassay, we've recently sought a commercialisation partner and are delighted to have reached this agreement with Diagenics."

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(R); smart molecules which trap an active protease within a complex biological sample and enable a visual readout of its presence. ProteaseTags(R) 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 14, 2017 02:01 ET (06:01 GMT)