Positive new data demonstrates NEATstik’s potential

NetScientific plc

(“NetScientific” or the “Group”)

New data demonstrates NEATstik’s potential as a rapid bacterial monitoring tool in lung disease

Published in the European Respiratory Journal

London, UK – 31 May 2019 – NetScientific plc (“NetScientific”, AIM: NSCI), the transatlantic healthcare IP commercialisation group, announces that its portfolio company ProAxsis Limited (“ProAxsis”) has received positive early data from the BRIDGE[1] study, a major clinical trial funded by the British Lung Foundation (BLF) and the European Respiratory Society (ERS)[2].

Ian Postlethwaite, CEO/CFO of NetScientific, said:

“This encouraging data published in the renowned European Respiratory Journal demonstrates ProAxsis’ ability to monitor bacterial infections in real time in patients suffering from lung diseases. NEATstik® has the potential to provide clinicians with a test identifying those at risk of further exacerbations providing more targeted care. We believe that ProAxsis has the potential to become a significant player in the growing point-of-care respiratory testing market.”

NetScientific’s shareholding in ProAxsis is 56.5% (fully diluted being 54.0%).

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

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Positive early data from the BRIDGE study, a three-year 1000+ patient study in bronchiectasis funded by the British Lung Foundation (BLF) and the European Respiratory Society (ERS), has been published in the latest edition of the European Respiratory Journal* and demonstrates the potential for NEATstik®, a point-of-care test developed by Belfast-based ProAxsis Limited (www.proaxsis.com), to be used as a rapid primary monitoring tool for lung diseases.

The pan-EU study is exploring novel biomarkers to demonstrate what they can add to clinical practice.  In the publication, the NEATstik® result has been correlated with the severity of lung disease, presence of bacterial infection and risk of future clinical worsening (exacerbations).  Furthermore, NEATstik® was able to replicate the results of existing tests for chest infections in people with bronchiectasis within only ten minutes, providing a rapid sample-to-result test that can potentially support appropriate usage of antibiotic therapy.  The study, led by Professor James Chalmers, from the University of Dundee, concludes that using NEATstik® can assist clinicians in identifying lung disease patients with bacterial infections as well as those patients at highest risk of experiencing significant clinical worsening over the subsequent 12 months.

The promising data on the performance of NEATstik® is announced for the first time in this publication and is the subject of a separate joint announcement from the BLF and the University of Dundee (www.blf.org.uk/media-centre/press-releases) .

Commenting on the publication, Dr David Ribeiro, CEO of ProAxsis, said:

“We’re delighted that NEATstik® has performed so effectively in this critically important study and we look forward to continuing to collaborate with this group of expert clinicians to maximise the availability of this novel test for centres caring for patients with chronic respiratory diseases.”

Any queries concerning NEATstik®, 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

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About NetScientific

NetScientific PLC is a transatlantic healthcare IP commercialisation Group focused on technologies and companies that have the potential to treat chronic disease and significantly improve the health and well-being of people.

For more information, please visit the website at www.NetScientific.net

About ProAxsis Limited

ProAxsis is utilising its proprietary ProteaseTag® technology to develop a range of products for the measurement of active protease biomarkers of diseases. The company has already launched activity-based immunoassays for both neutrophil elastase and proteinase 3, as well as a rapid point-of-care test for neutrophil elastase (NEATstik®). 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 Belfast.

This announcement contains certain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events.  By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances.  Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward looking statements. Any forward-looking statements made by or on behalf of the Group are made in good faith based on the information available at the time the statement is made.  No representation or warranty is given in relation to these forward-looking statements, including as to their completeness or accuracy or the basis on which they were prepared, and undue reliance should not be placed on them.  The Group does not undertake to revise or update any forward-looking statement contained in this announcement to reflect any changes in its expectations with regard thereto or any new information or changes in events, conditions or circumstances, save as required by law and regulations.  Nothing in this announcement should be construed as a profit forecast.

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[1] The BRIDGE study – Bronchiectasis Research Involving Databases, Genomics and Endotyping to match the right treatment to the right patient.

[2] Shoemark et al (2019) ERJ