NetScientific PLC NetScientific acquires 100% of portfolio company (2510C)
16 Outubro 2020 - 3:00AM
UK Regulatory
TIDMNSCI
RNS Number : 2510C
NetScientific PLC
16 October 2020
NetScientific plc
("NetScientific" or the "Company")
NetScientific acquires 100% control of portfolio company
ProAxsis Limited
London, UK - 16 October 2020 - NetScientific plc (AIM:NSCI), the
life sciences and technology investment and commercialisation
company, announces that it has agreed to acquire the outstanding
minority interest of 43.6% of its portfolio company, ProAxsis
Limited ("ProAxsis") from QUBIS Limited and the founders (the
"Sellers"), for a cash consideration of GBP228,532.50. In parallel,
the key patent has been assigned by the sellers.
ProAxsis Limited is a commercial-stage diagnostics company,
based in Northern Ireland, with a rapidly growing global client
list of pharmaceutical companies and academic laboratories. The
company has registered a CE Mark for activity-based immunoassays
targeting Neutrophil Elastase (NE) and Proteinase 3, as biomarkers
of lung infection and inflammation in chronic respiratory diseases
such as COPD, cystic fibrosis and bronchiectasis. This technology
has been translated into a point-of-care test (NEATstik(R)), to
enable ongoing monitoring of active NE levels.
In the year ended 31 December 2019, ProAxsis generated revenues
of GBP734,842 and a loss after taxation for the financial year of
GBP181,082, of which GBP52,178 was included with non-controlling
interests. Its net liabilities as at 31 December 2019 amounted to
GBP2,401,970, of which GBP1,045,577 was included with
non-controlling interests. Following the acquisition, ProAxsis will
be fully consolidated within the Group, with no amounts included
with non-controlling interests, and operate as a separate
subsidiary.
Dr. Ilian Iliev, Chief Executive Officer of NetScientific Plc
said: "In line with the Group's Strategic Review and stated plans,
ProAxsis is an example of the strong commercialisation potential of
spin out companies from UK Universities such as Queen's University
Belfast. This provides an early investment realisation opportunity
for the company's two co-founders, Professor Lorraine Martin and
Professor Brian Walker, while allowing the company to continue and
accelerate its growth. In line with NetScientific's pro-active
management, increasing our stake in ProAxsis via these agreements
will enable us to provide the necessary support required to
maximise the company's value and help the company capture synergies
within our broader ecosystem in this growing sector. We are
delighted that David Moore, the University's Head of Spin Outs and
Investments at QUBIS, has agreed to remain on the ProAxsis board of
directors for the foreseeable future."
For more information, please contact:
NetScientific
Ilian Iliev, CEO Tel: +44 (0)20 3514 1800
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel Tel: +44 (0)20 7220 1666
About NetScientific
NetScientific is a life sciences and technology investment and
commercialisation Group, leveraging trans-Atlantic relationships
and global opportunities to deliver shareholder value.
For more information, please visit the website at: www.NetScientific.net
About ProAxsis
ProAxsis Limited is a commercial-stage diagnostics company,
based in Northern Ireland, with a rapidly growing global client
list of pharmaceutical companies and academic laboratories. The
company has registered a CE Mark for activity-based immunoassays
targeting Neutrophil Elastase (NE) and Proteinase 3, as biomarkers
of lung infection and inflammation in chronic respiratory diseases
such as COPD, cystic fibrosis and bronchiectasis.
This technology has been translated into a point-of-care test
(NEATstik(R)), to enable ongoing monitoring of active NE levels.
Recently published data has shown that measuring active NE levels
using NEATstik(R) enables identification of patients with airway
bacterial infection and those patients at highest risk of suffering
pulmonary exacerbations over the subsequent 12 months.
In addition to proteases, the company also has significant
expertise in the measurement of other inflammatory biomarkers,
including IL-6, IL-8 and TNF-alpha. Grant-funded R&D funded
projects for a variety of targets remain a key area of focus.
Aside from the provision of assays, ProAxsis can offer sample
analysis at its purpose-built laboratory facility in Belfast and is
currently supporting a number of pharmaceutical company-sponsored
Phase I, II and III clinical trials.
For more information, please visit the website at: www.ProAxsis.com
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