NetScientific's ProAxsis appoints North American distributor

Life sciences, technology investment and commercialisation company NetScientific announced on Thursday that its portfolio company ProAxsis has appointed DiaPharma Group as the exclusive distributor of its portfolio of respiratory research assays for the key North America region.

The AIM-traded firm said DiaPharma, based in Ohio, specialised in the commercialisation of products within the research and diagnostic fields in the United States and Canada, and had done so since it was founded in 1997.

It said the partnership agreement provided DiaPharma with exclusive access to ProAxsis' activity-based immunoassay kits for the quantification of the active forms of neutrophil elastase, proteinase 3 and cathepsin G.

“We're delighted to have reached this agreement with DiaPharma,” said ProAxsis chief executive officer Dr David Ribeiro.

“Finding a suitable commercial partner for our portfolio in North America was a key short-term objective for the company and we are very excited about partnering with a company that has such experience in the commercialisation of research-focused products in this region of substantial commercialisation potential.”

John Clarkson, chairman of NetScientific, said that following the acquisition of all outside shareholdings, the appointment was “another significant step” in the continued planned business growth of ProAxsis and accelerating its progress into international markets.

“ProAxsis has made strong progress this year and this latest announcement illustrates the increased potential for its respiratory diagnostics offering in a post Covid-19 world.

“This also reinforces NetScientific's strategy of expanding cross-Atlantic bridges for our portfolio companies.”

At 1520 GMT, shares in NetScientific were flat at 48p.