NetScientific PLC (LON:NSCI) said its portfolio company, ProAxsis, has secured a £57,390 grant for its ProteaseTag technology.
The grant will support the ProteaseTag technology, which enables the measurement of active protease biomarkers of disease, through a project called "Development of technology to support the advance of new protease therapeutics”.
Innovate UK is supplying the funding, which represents 60% of the total expected cost of the project.
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External validation of the Protease Tag technology
The project will be conducted at the company's laboratory facilities at Catalyst Inc., in Belfast.
“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."