NetScientific PLC ProAxsis: Sales Update (0220X)
21 November 2017 - 6:02PM
UK Regulatory
TIDMNSCI
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(R) 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 GBP1m 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(R) 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 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 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(R)
technology.
The ProteaseTag(R) 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(R), 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 GBP1m 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(R)
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 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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