NetScientific investment receives Innovate UK grant

NetScientific updated the market on its portfolio company ProAxsis on Monday confirming it had now gained further support for its ‘ProteaseTag’ technology through a project co-funded by Innovate UK.

The AIM-traded firm said its investee company was awarded a grant to support its project titled “Development of Technology to Support the Advance of New Protease Therapeutics”.

It said the project will be conducted at its purpose-built laboratory facilities at Catalyst in Belfast.

The Innovate UK grant would commit financial resources of ££57,390, representing 60% of the total expected cost of the project.

“We are very excited to announce that ProAxsis has been awarded this grant from the prestigious Innovate UK agency,” said Francois Martelet, chief executive of NetScientific and chairman of ProAxsis.

“The award represents external validation of the ‘ProteaseTag’ technology and will enable ProAxsis to generate further clinical data, helping ProAxsis advance towards near-term value inflection and commercialisation.”