NetScientific PLC ProAxsis awarded a Significant Innovate UK Grant
24 Julho 2017 - 3:00AM
RNS Non-Regulatory
TIDMNSCI
NetScientific PLC
24 July 2017
NetScientific plc
("NetScientific" or the "Company" or the "Group")
ProAxsis awarded a Significant Innovate UK Grant
London, UK - July 24(th) 2017 - NetScientific plc
("NetScientific", AIM:NSCI), the transatlantic healthcare IP
commercialisation group, announces an update for its portfolio
company, ProAxsis.
Following its previous success in the BioMedical Catalyst
competition, ProAxsis Limited has now gained further support for
its ProteaseTag(R) technology through a project co-funded by the
UK's innovation agency, Innovate UK. ProAxsis has been awarded a
grant to support its project titled: "Development of technology to
support the advance of new protease therapeutics." The project will
be conducted at the company's purpose-built laboratory facilities
at Catalyst Inc., in Belfast. The Innovate UK grant will commit
financial resources of GBP57,390, representing 60% of the total
expected cost of the project.
Commenting on the news, Francois Martelet, Chief Executive
Officer of Netscientific and Chairman of ProAxsis said: "We are
very excited to announce that ProAxsis has been awarded this grant
from the prestigious Innovate UK agency. The award represents
external validation of the ProteaseTag(R) technology and will
enable ProAxsis to generate further clinical data, helping ProAxsis
advance towards near-term value inflection and
commercialisation."
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 Jessica netscientific@consilium-comms.com
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 gains further support from Innovate UK
Date: July 24th, 2017
Following its previous success in the BioMedical Catalyst
competition, ProAxsis Limited (www.proaxsis.com) has now gained
further support for its ProteaseTag(R) technology, via a project
co-funded by the UK's innovation agency, Innovate UK. The project,
entitled "Development of technology to support the advance of new
protease therapeutics", has been awarded a grant in the Innovation
in Health and Life Sciences Round 1 competition.
A number of pharmaceutical companies are currently developing
inhibitors against protease targets, such as neutrophil elastase,
as treatments of respiratory diseases including bronchiectasis,
COPD and cystic fibrosis. ProAxsis has previously developed a
laboratory-based immunoassay and a rapid point-of-care test for
neutrophil elastase, utilising its ProteaseTag(R) technology, which
such companies can benefit from. However, ProAxsis continues to
seek to advance the sensitivity of its technology to maximise the
range of biological samples it can be used with, and thereby
improve the chances of success for these potentially important new
therapeutics.
Speaking about the news, Dr David Ribeiro, CEO of ProAxsis,
said: "Innovate UK programmes are always hugely competitive so
we're delighted that our project has been selected and are
extremely grateful to Innovate UK for their support. The
development of suitable companion diagnostic tests is an essential
part of the drug development process."
The project will commence in July 2017, and will be conducted at
the company's purpose-built laboratory facilities at Catalyst Inc.,
in Belfast.
Any queries concerning ProAxsis' Immunoassays for measuring
active neutrophil elastase and active plasmin, or any other aspects
of the company's proprietary ProteaseTag(R) technology, can be
directed to info@proaxsis.com.
Innovate UK is the UK's innovation agency. It works with people,
companies and partner organisations to find and drive the science
and technology innovations that will grow the UK economy. For
further information, please visit www.innovateuk.gov.uk
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(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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