NetScientific PLC ProAxsis Signs Partnership: Biotechnology Company (2972Q)
11 September 2017 - 4:00PM
UK Regulatory
TIDMNSCI
RNS Number : 2972Q
NetScientific PLC
11 September 2017
NetScientific plc
("NetScientific" or the "Company" or the "Group")
ProAxsis signs partnership with a large US based biotechnology
company
London, UK - September 11(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 signed a
partnership agreement to develop activity-based immunoassays for
two key respiratory proteases, utilising its novel ProteaseTag(R)
technology. The unnamed partner is a large biotechnology company,
headquartered in the US with a focus on developing new therapeutic
options for patients with rare diseases.
Commenting on the news, Francois Martelet, Chief Executive
Officer of NetScientific and Chairman of ProAxsis, said: "This
partnership further demonstrates the value offered by ProAxsis'
technology to biotechnology and pharmaceutical companies,
validating ProAxsis' ongoing strategy to identify and form
collaborations with biotechnology companies who are developing
therapeutics where a protease is a key target or offers a valuable
endpoint. We also believe this partnership is further validation of
the NetScientific investment model, with our early stage financing
enabling healthcare companies to develop revolutionary
ground-breaking technology with important commercial
potential."
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: +44 (0)20 3514 1800
François R. Martelet,
M.D., CEO
Ian Postlethwaite,
CFO
Consilium Strategic
Communications Tel: +44 (0)20 3709 5700
Mary-Jane Elliott / netscientific@consilium-comms.com
Jessica Hodgson /
Chris Welsh / Laura
Thornton
Stifel Nicolaus Europe Tel: +44 (0) 20 7710 7600
Limited (NOMAD and Broker)
Jonathan Senior / David
Arch / Ben Maddison
ProAxsis signs partnership with a large US based biotechnology
company
Date: September 11th, 2017
ProAxsis Ltd today announces that the company has signed a
partnership agreement to develop activity-based immunoassays for
two key respiratory proteases, utilising its ProteaseTag(R)
technology. The partner is a large biotechnology company, with
headquarters in the US, and a focus on developing new therapeutic
options for patients with rare diseases.
ProAxsis' ProteaseTag(R) technology enables the specific and
sensitive detection and measurement of the active form of
proteases, which represent strong therapeutic targets in a number
of different diseases. Early work has focused on neutrophil
elastase, as a biomarker of lung infection and inflammation, but
the platform technology potentially allows any protease to be
targeted.
Dr David Ribeiro, CEO of ProAxsis, said, "A key part of our
strategy for ProAxsis is to identify and form collaborations with
biotechnology companies who are developing therapeutics where a
protease is a key target or offers a valuable endpoint. We're
therefore delighted to have reached this agreement, and look
forward to providing our partner with some useful tools for their
ongoing clinical trial work."
To find out how ProAxsis can support the measurement of active
protease biomarkers of disease, or for any further queries, please
contact info@proaxsis.com
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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