Looking ahead, the subsidiary is expected to commercialise five new or improved products that are forecast to make a significant contribution to sales, while it also hopes to “drive substantial increases” from its clinical services offering.
In an update, chairman John Clarkson said ProAxsis chief executive David Ribeiro and his team had transformed the company’s outlook during what has been a challenging year.
The group has restructured to focus on commercial developments while accelerating investment in its growth programmes.
At the start of last year, ProAxsis underwent what it described as a substantial review of the opportunities available to tap into the “vast” respiratory market.
The idea was to harness its core expertise more effectively while “building on the UK’s position as a global leader in respiratory medicine”.
“As a result, a number of attractive projects were identified, and assessed through a robust evaluation process,” NetScientific said in an update on the unit.
“This determined the particular targets and highlighted their potential to create value inflexion points for the company, as well as deliver significant future revenue and profitability.”
ProAxsis has been proactive in finding alternative, non-dilutive forms of investments for its projects and has landed five separate grants worth a total of £1mln.
Chairman Clarkson said: “In what has been a challenging year for ProAxsis, positive management actions have helped transform the company’s outlook.
“ProAxsis is now well-positioned to pursue numerous opportunities and generate further revenues, profitability and value realisations.
“I would like to thank David and the team for their hard work and commitment to deliver the excellent progress shown over the past year. I look forward to building on the momentum made to fulfil the company’s exciting future potential.”