NetScientific invests in ProAxsis

RNS Number : 7384A

NetScientific PLC

24 February 2014

 



24 February 2014

NetScientific plc

("NetScientific" or the "Group")

NetScientific announces investment in ProAxsis

NetScientific plc (AIM:NSCI, 'NetScientific' or 'The Group'), the biomedical and healthcare  technology commercialisation and investment group, is pleased to announce its investment in ProAxsis Ltd ('ProAxsis'), a spin-out from Queen's University Belfast, which was named one of Northern Ireland's most promising companies in 2013. QUBIS (Queen's University Spin Out Vehicle) will remain an investor alongside NetScientific, who will take a majority stake in the company.

As a subsidiary company of NetScientific, ProAxsis will continue to develop a range of novel medical diagnostic tests to enable routine monitoring of patients with Cystic Fibrosis and other chronic respiratory conditions such as Chronic Obstructive Pulmonary Disease (COPD) either in the clinic or at home.

The technology incorporates the use of ProAxsis's patented 'Protease-Tags' a range of unique molecules, which have the capacity to rapidly and selectively bind active proteases. Proteases are a large grouping of enzymes that play essential roles in normal physiological processes essential for maintaining health. However, when the normally exquisite control of their action is lost, proteases can be key triggers or amplifiers of many important human diseases such as cancer, stroke, cystic fibrosis (CF) and COPD.

Despite being considered important therapeutic targets and recognised as biomarkers of disease, there are currently no assay systems which can measure active proteases outside of academic research facilities.

The tests being developed by ProAxsis are rapid, easy to use tests, which trap an active protease within a complex biological sample and enable an immediate visual readout of its presence.

Sir Richard Sykes, Chairman, NetScientific commented:

"I am delighted we are making progress in all our portfolio companies and, with the investment in ProAxsis, we have added a significant new technology to our portfolio."

Professor Brian Walker and Dr Lorraine Martin, co-founders, ProAxsis added:

"In NetScientific, we have found the ideal partner, affording us the opportunity to collaborate with a global network for commercialisation and technical product development."

For further information, please contact:

Liberum Capital (Nomad & Broker)   Chris Bowman / Christopher Britton / Thomas Bective	Tel: [phone]
Bell Pottinger   Daniel de Belder	Tel: [phone]

Company website:www.netscientific.net

About NetScientific

NetScientific is a healthcare medical technology company that identifies, develops and commercialises research and technologies originating from leading universities, teaching hospitals and research institutes globally, particularly in the United Kingdom and the United States.  The Group is primarily focused on identifying and developing research and technologies for use in five chronic disease areas within the healthcare diagnostics sector: (i) cardiovascular; (ii) liver; (iii) cancer; (iv) metabolic; and (v) digital health.

 

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