ProAxsis strengthens respiratory diagnostic portfolio by receiving CE Mark for third respiratory immunoassay

– ProteaseTag® Active Proteinase-3 Immunoassay aimed at researchers studying COPD, cystic fibrosis, and bronchiectasis

London, UK – 02 August, 2018 – NetScientific plc (“NetScientific”, AIM:NSCI), the transatlantic healthcare IP commercialisation group, announces that its portfolio company ProAxsis Limited (“ProAxsis”) has successfully registered a CE Mark for its novel ProteaseTag® Active Proteinase-3 Immunoassay, which has been accompanied by an immediate first commercial sale of c.£5,000 to a large US-based biotechnology company. The immunoassay has been developed in conjunction with the biotechnology company as a result of an ongoing collaboration in the respiratory field.

Proteinase 3 is a neutrophilic protease, which has been associated with respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD), Cystic Fibrosis (CF), and bronchiectasis. The immunoassay will be marketed to clinical researchers investigating chronic respiratory conditions in both the commercial sector and academia.

Commenting on the news, NetScientific’s Chief Executive Officer and ProAxsis’ Chairman, Francois R. Martelet, said: “We are pleased to see ProAxsis consolidate its position as a leader in respiratory diagnostics, and encouraged to see the results of a successful collaboration between ProAxsis and its US biotech partner. This assay has significant potential for utilisation in respiratory trials for COPD, cystic fibrosis, and bronchiectasis, both in the pharmaceutical sector and in academia, and we look forward to registering further sales.”

The ProteaseTag® Active Proteinase-3 Immunoassay is the third ProAxsis product to be successfully CE marked, after its Plasmin and Neutrophil Elastase immunoassays. Development is underway for further immunoassays, some in collaboration with its US-based biotechnology partner.

ProAxsis also markets NEATstik®, a rapid point-of-care test for measuring active neutrophil elastase, which is also a well-recognised biomarker of lung inflammation and infection in chronic respiratory diseases, alongside the ProteaseTag® Active Neutrophil Elastase Immunoassay. A range of other laboratory-based immunoassays and point-of-care tests designed for routine monitoring of chronic diseases are in development.

NetScientific holds 54% of ProAxsis on a fully diluted basis.

The full text of the announcement from ProAxsis can be found below.

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ProAxsis receives CE Mark for additional respiratory immunoassay

Date: 02 August 2018

ProAxsis Limited (www.proaxsis.com), the Belfast-based company focused on developing new assays for the measurement of active protease biomarkers of disease, today announces that it has successfully registered a CE Mark for its novel ProteaseTag® Active Proteinase 3 Immunoassay.  Furthermore, the company confirms an immediate first commercial sale for this new immunoassay.

Proteinase 3 is a neutrophilic protease, which has been associated with causing inflammation and destruction of the lung matrix in respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD), Cystic Fibrosis (CF) and bronchiectasis.  The ProteaseTag® Active Proteinase 3 Immunoassay was developed by ProAxsis in collaboration with a US-based biotechnology company as part of an ongoing collaboration.

Commenting on the news, Dr David Ribeiro, CEO of ProAxsis, said: “There is increasing interest in the development of new products which inhibit neutrophilic proteases, such as Proteinase 3, as therapeutics for inflammatory diseases.  This has driven the need for reliable methods for quantification of active Proteinase 3 in clinical samples.  We are delighted to have collaborated with our US partners on this successful development programme and anticipate that this new immunoassay will be of significant value to both academic and pharmaceutical company researchers working in this field.”

Any queries concerning ProAxsis’ immunoassay for measuring active Proteinase 3, or any requests for support with measuring other active protease biomarkers using the Company’s proprietary ProteaseTag® technology, can be directed to 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 disease. Its first commercialised 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®; smart molecules which trap an active protease within a complex biological sample and enable a visual readout of its presence. ProteaseTags® 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.