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NetScientific’s ProAxsis sees big European market open up; next stop: USA

ProAxsis, a portfolio company of NetScientific PLC, has achieved a major breakthrough in the form of a CE mark for its ProteaseTag Active Neutrophil Elastase Immunoassay.
ProAxsis’s chief executive officer, Dr David Ribeiro, tells Proactive Investors that it’s the first time ProAxsis has been able to gain a CE market for one of its products.
“It allows us to go out across 28 different markets in Europe and promote the product commercially,” Dr Ribeiro said.
The company’s lead product is targeting the chronic respiratory disease market. Ribeiro says there are around 75,000 cystic fibrosis sufferers across the world, around half of which are within Europe.
“Then, if we look at COPD [chronic obstructive pulmonary disease], this has a much, much bigger patient population with over a hundred million patients worldwide, minimum – and probably a lot more than that, if diagnosis was improved” the ProAxsis CEO indicated. 
Around a quarter of those COPD sufferers are based in Europe, so the CE mark opens up a massive market for the company.
The company intends to seek similar approval in the US from the Food and Drug Administration, though Ribeiro advises “this is a much longer process” than the EU CE mark system.
“We’ll certainly be moving on to the US next,and aiming to get ourselves on the market there within the next couple of years,” Ribeiro assured.

 
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