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LONDON (Alliance News) - Biomedical and healthcare technology investing company Netscientific PLC said on Tuesday its portfolio company ProAxsis has officially launched ProteaseTag immunoassay kits to research labs and announced its first customer orders from two unnamed customers.
The test measures Neutrophil Elastase, a leading indicator of infection in patients with cystic fibrosis and chronic obstructive pulmonary disease.
ProAxsis has patented ProteaseTags, which are smart molecules that trap an active protease within a complex biological sample and enable a visual readout of its presence. ProteaseTags, which are incorporated into the test kits, provide a tool to identify and quantify active protease biomarkers and can assist in the clinical validation of new therapeutics.
"The launch of the first ProteaseTag immunoassay is a major milestone for ProAxsis. We believe there is a huge potential demand for the Neutrophil Elastase test that could significantly contribute to respiratory disease and infection research. ProteaseTags also have the benefit of being applicable to a wide pipeline of products targeting other diseases, such as cancer and cardiovascular disorders, allowing ProAxsis to access part of a multibillion dollar therapeutics market," said David Gough, chairman of ProAxsis and executive director of NetScientific.
ProAxsis Chief Executive Officer Lorraine Martin added: "Receiving our first orders from two notable companies is a huge step forward for us and we expect a good conversion of our current pipeline."
ProAxsis also aims to proactively manage cystic fibrosis and chronic obstructive pulmonary disease by developing a point-of-care test NEATstik to measure active proteases. The test will enable entry into the point-of-care market that is estimated to be worth over GBP20 billion, Netscientific said.
Netscientific shares were up 9.3% at 185.75p Tuesday morning.
By Preten Patel; pretenpatel@alliancenews.com
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