NetScientific Names Diagenics Distributor For ProAxsis Product

LONDON (Alliance News) - Healthcare intellectual property commercialisation group NetScientific ...

Alliance News 14 September, 2017 | 12:41PM
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LONDON (Alliance News) - Healthcare intellectual property commercialisation group NetScientific PLC said Thursday that its portfolio company, ProAxsis, has appointed Diagenics Ltd as the distributor of its ProteaseTags Active Neurophil Elastase Immunoassay in the UK and Ireland.

Founded in 1994, Diagenics supplies diagnostic products to the NHS, private hospitals and university and industrial biomedical laboratories across the UK.

ProAxsis is, according to the company, one of NetScientific's "core portfolio companies" in which it holds a 57% stake.

ProTeaseTags are "smart molecules which trap an active protease within a complex biological sample and enable a visual readout of its presence," the company said, "and provide a unique tool to identify and quantify active protease biomarkers and will assist in the clinical validation of new therapeutics."

Using an immunoassay has been shown in published papers to "help to identify those at greatest risk of an impending pulmonary exacerbation," ProAxsis's Chief Executive Officer David Ribeiro said.

Ribeiro added that "we are delighted to announce the build of commercial operations for ProAxsis and we have high confidence in the platform of Diagenics 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."

Shares in NetScientific were untraded Thursday, last closing at 38 pence.

By Ahren Lester;

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
NetScientific PLC 44.20 GBX -0.67 -
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