NetScientific announced on Thursday that its portfolio company, ProAxsis, has secured the first sale of NEATstik to a research laboratory conducting a respiratory clinical trial.
The product, which was registered with a CE mark in late 2017, utilises the company's ProteaseTag technology to allow the qualitative measurement of the active form of neutrophil elastase, an established biomarker of lung infection and inflammation.

Francois Martelet, chief executive of NetScientific, said: “We are very pleased to note the first sale of the NEATstik, which represents a significant milestone for ProAxsis as it begins to commercialize. We are also very pleased with the sales performance of the Neutrophil Elastase Immunoassay (NEIA) product.”

NetScientific holds a 57% stake in ProAxsis, which develops products to capture, detect and measure active protease biomarkers of diseases.

“We believe ProAxsis maintains a competitive advantage through its ProteaseTag technology. We continue to expect ProAxsis will be able to generate over £1m in revenue for 2018,” said Martelet.

Chief executive of ProAxsis David Ribeiro echoed Martelet's optimism, hailing a “very positive start to the year” and confirming that the company plans to expand their portfolio of commercial products.

As of 1047 GMT, NetScientific's shares were up 6.06% to 57.80p.