NetScientific PLC (LON:NSCI) has announced that its portfolio company, ProAxsis is now able to initiate sales of its NEATstik® product throughout Europe, having successfully registered the product with a CE Mark.
The transatlantic healthcare IP commercialisation group said NEATstik® is a novel point-of-care test for measuring active neutrophil elastase, a serine proteinase which destroys bacteria and host tissue during inflation.
READ: NetScientific's portfolio company ProAxsis secures grant for ProteaseTag technology
Commenting on the news, Francois Martelet, chief executive officer of Netscientific and chairman of ProAxsis, said: "We are very excited to announce that ProAxsis has successfully completed the development phase of its lead product, the NEATstik® which utilises the company's novel ProteaseTag® technology.
“We believe the award of the CE mark represents a pivotal moment for the commercial development of ProAxsis and will catalyse sales and therefore near term value creation for the group."
NetScientific holds a 57% stake on a fully diluted basis in ProAxsis.