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(Alliance News) - NetScientific PLC on Monday said its portfolio company ProAxsis Ltd has entered a licensing agreement with the University of Geneva and University Hospital of Geneva, for the development of new assays against fractures and other metabolic bone diseases.
ProAxsis is a Belfast-based diagnostics firm, in which life sciences-focused investor NetScientific holds a 95% interest in.
Under the deal, ProAxsis will complete the technical validation of an assay developed by university researchers for a Cathepsin K-dependent periostin cleavage product. The assay is meant to be used as a biomarker for bone fragility related to disorders such osteoporosis.
As well as technical validation, ProAxsis will look to commercialise the assay in key territories before the end of 2021. The assay is currently under patent applications in Europe and the US.
"It's great to see the continued progress with another step forward in the planned strategy at ProAxsis. This agreement further strengthens the company's customer offer in a target market. The commercialisation potential, working alongside such a prestigious partner, provides a further positive milestone for investors," said Chair John Clarkson.
Shares in NetScientific were down 0.7% at 55.10 pence each on Monday morning in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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