NetScientific's ProAxsis signs development agreement

Healthcare intellectual property commercialisation group NetScientific updated the market on its portfolio company ProAxsis on Monday, confirming ProAxsis had signed an agreement to develop activity-based immunoassays for “two key respiratory proteases”, using its ProteaseTag technology.

The AIM-traded firm said the unnamed partner was a large biotechnology company, headquartered in the US with a focus on developing new therapeutic options for patients with rare diseases.

“This partnership further demonstrates the value offered by ProAxsis' technology to biotechnology and pharmaceutical companies, validating ProAxsis' ongoing strategy to identify and form collaborations with biotechnology companies who are developing therapeutics where a protease is a key target or offers a valuable endpoint,” said NetScientific CEO and ProAxsis chairman Francois Martelet.

“We also believe this partnership is further validation of the NetScientific investment model, with our early stage financing enabling healthcare companies to develop revolutionary ground-breaking technology with important commercial potential.”

NetScientific holds a 57% stake on a fully-diluted basis in ProAxsis.