NetScientific PLC ProAxsis Awarded Invest NI Grant
01 Junho 2018 - 3:00AM
RNS Non-Regulatory
TIDMNSCI
NetScientific PLC
01 June 2018
NetScientific plc
("NetScientific" or the "Company" or the "Group")
ProAxsis Awarded Invest NI Grant for Development of New
ProteaseTag(R) Products
London, UK - June 1(st,) 2018 - NetScientific plc
("NetScientific", AIM: NSCI), the transatlantic healthcare IP
commercialisation group, announces that its portfolio company
ProAxsis has been awarded a grant by Invest Northern Ireland to
support the development of its proprietary ProteaseTag(R)
technology to identify and quantify active protease biomarkers.
The project will assist in the clinical validation of new
therapeutics for deubiquitinases (DUBs) as part of a GBP150,000
project. DUBs are thought to play significant roles in the
pathogenesis of several types of cancer as well as
neurodegenerative disorders, and as such are of high interest to
the pharmaceutical industry.
Commenting on the news, NetScientific's Chief Executive Officer
and Chairman of ProAxsis, Francois R. Martelet said: "The expansion
of ProteaseTag(R) technology from serine into cysteine proteases
represents a strategic cornerstone for ProAxsis and substantially
enlarges the addressable market down the line. We thank Invest NI
and congratulate ProAxsis on its continuing momentum towards
becoming the leader in assays for active protease biomarker
measurement."
NetScientific holds 54% of ProAxsis on a fully-diluted
basis.
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 receives further backing from Invest Northern Ireland
under EU investment
Date: June 1(st) , 2018
ProAxsis Limited has received an Invest NI Grant for Research
and Development, supporting the company to develop new products
using its innovative ProteaseTag(R) technology.
The grant is part financed under the European Union's Investment
for Growth and Jobs Programme for Northern Ireland. The project,
entitled "The development of ProteaseTags(R) for deubiquitinases
(DUBs): innovative tools for biomarker identification and drug
discovery in oncology", will be implemented over the next 12 months
and aims to allow the design and synthesis of peptide-based
inhibitors for the DUBs family, followed by an assessment of their
incorporation in to prototype activity-based immunoassay
formats.
Dr David Ribeiro, CEO of ProAxsis, commented: "Deubiquitinases
are known to play important roles in various diseases including
different forms of cancer and neurodegeneration, and therefore
represent potential therapeutic targets of high interest to the
pharmaceutical industry. We're excited to explore the expansion of
our novel ProteaseTag(R) technology to measure this family of
cysteine proteases, and are extremely grateful to Invest NI, who
continue to support our ongoing efforts to establish ProAxsis as a
global leader in the design, development and commercialisation of
highly specific assays for the measurement of active protease
biomarkers of disease."
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 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 news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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