NetScientific shares jump after "impressive" results of Covid-19 test

(AllianceNews) - NetScientific PLC on Monday said its subsidiary ProAxsis Ltd had successfully completed the development and evaluation of an AstraZeneca PLC Covid-19 antibody test with "impressive" results.

The London-based life sciences and sustainability technology investment firm was trading 19% higher in London on Monday at 82.20 pence.

In June, respiratory diagnostics company ProAxsis entered into an exclusive licensing agreement with Astra, under which Proaxsis were contracted to complete the validation and global commercialisation of a SARS-CoV-2 serology enzyme-linked immunosorbent assay developed by internal research team at AstraZeneca.

The test has been independently evaluated by Ulster University's Professor Tara Moore, whose study is based on over 1,100 samples. Moore identified that the test was able to detect antibodies in blood samples from previously infected individuals, vaccinated individuals, and individuals known to be infected by the different variants - Alpha, Delta, and Omicron.

NetScientific said the test shows "exceptional" levels of sensitivity and specificity of 100% and 99.3%, respectively.

Registration of the assay for a CE Mark has been formally submitted.

NetScientific and ProAxsis' Chair John Carkson said: "This highly sensitive and specific test provides a significant enhancement to the company's commercial offering; further extending product range and reinforcing the continued international expansion. This fits well with NetScientific's Trans-Atlantic bridges and global strategic plans."

Astra was trading 0.1% lower at 10,274.00 pence each.

By Sophie Rose; sophierose@alliancenews.com

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