NetScientific PLC (LON:NSCI) has announced that its portfolio company, ProAxsis has revealed that direct sales of its ProteaseTag® Active Neutrophil Elastase Immunoassay (NEIA) will increase by a factor of three in the second half of 2017 compared to the first half.
The AIM-listed transatlantic healthcare IP commercialisation group added that ProAxsis also expects total revenue to surpass £1mln in 2018.
READ: Netscientific associate Vortex Biosciences makes first commercial sale
Commenting on the news, Francois Martelet, chief executive officer of NetScientific and chairman of ProAxsis, said: "We are pleased to see signs of rapid market adoption of the CE marked NEIA test which uses ProAxsis' market leading ProteaseTag® technology.
“We are especially encouraged to see the acceleration of sales through a combination of repeat orders and new customers from leading research institutions across Europe and the US.”
READ: NetScientific’s Glycotest subsidiary allowed Chinese patent for liver cancer blood test
He added: “We expect 2018 to be a pivotal year for ProAxsis with further planned product launches and potential industry partnerships as value inflection points."
NetScientific holds a 57% stake in ProAxsis on a fully diluted basis.