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NetScientific's ProAxsis to validate and commercialise AstraZeneca's Coronavirus vaccine assay

It is envisaged that the validation and initial commercialisation can be achieved largely from ProAxsis' existing resources

NetScientific PLC -

NetScientific PLC's (LON:NSCI) ProAxsis subsidiary has struck a licensing deal with AstraZeneca PLC (LON:AZN) over the validation and global commercialisation of an assay associated with Coronavirus vaccines.

The subsidiary of the AIM-listed company will take responsibility for completing the validation and global commercialisation of an enzyme-linked immunosorbent assay (ELISA) developed by an internal research team at AstraZeneca for vaccines associated with SARS-CoV-2, which is the virus associated with COVID-19.

In return for providing access to the required intellectual property and technical know-how, AstraZeneca will receive a royalty fee on future global net sales of the assay, NetScientific said.

“We are delighted to see continued progress, with another significant step in ProAxsis' expanding product portfolio and market opportunities,” said NetScientific chief executive Dr Ilian Iliev.

“The assay could if fully validated potentially attract a substantial market.

“It is envisaged that the validation and initial commercialisation can be achieved largely from ProAxsis' existing resources.”

ProAxsis, which is focused on respiratory diagnostics and 95% owned by NetScientific, is also looking to commercialise a handful of other attractive projects last year as management carried out a major review to identify the opportunities available to tap into the vast respiratory market.

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