ProAxsis announces strenghtening of Board and Update on Strategy
To expedite Point of Care range in respiratory diagnostics
ProAxsis Limited, the Belfast-based diagnostics company in respiratory disease, is pleased to announce that is has strengthened its Board and updated its corporate strategy in line with its next phase of growth and market opportunities.
Described as the ‘’gold standard in respiratory research’’ by pharmaceutical company partners, ProAxsis develops and supplies diagnostic assays, using biomarkers that aid clinical trials and clinical intervention and potentially lead to improved patient outcomes in various respiratory disease areas including Chronic Obstructive Pulmonary Disease (COPD), Bronchiectasis and Cystic Fibrosis. Building on its progress to date with leading pharmaceutical companies, including Insmed, Hölzel Diagnostika and Boehringer Ingelheim, the company is now well placed to intensify its efforts in the patient Point of Care (POC) product range.
The patient POC application will combine its patented NEATstik® with an integrated Remote Patient Monitoring platform to enhance patient outcomes, while delivering unparalleled value to healthcare providers. To that end, the company has strengthened its leadership team with relevant executive experience and is refocusing its resources to unlock the next stage of growth in the $5.8 billion global respiratory disease testing market.1
Appointment of new Chairperson and Non-Executive Director
ProAxsis has appointed Alan Markey as its Chairperson. Alan brings significant expertise in MedTech to the company, having accumulated over 25 years of senior executive experience in the pharmaceutical and medical device sectors globally. Alan’s career spans senior roles at Johnson & Johnson, and Wyeth Pharmaceuticals (acquired by Pfizer). He has also served as MD of Baxter Healthcare, CEO of Noden Pharma DAC, and is a former Chairperson of HealthTech Ireland. His industry expertise and contacts will contribute significantly to the company’s strategy implementation.
ProAxsis is also delighted to introduce Professor Steven Myint as a Non-Executive Director to the Board. Professor Myint is an internationally experienced Clinician, with past roles including Medical Director at GlaxoSmithKline and Senior Vice-President for R&D/Chief Medical Officer at BTG International. After his own first university spinout in 2005, he has been involved in the development of over 20 SMEs in life sciences and created over $1 billion value for shareholders. He is also a visiting Professor at the University of Surrey. Professor Myint’s insights and strategic guidance will be invaluable in shaping ProAxsis’s future.
ProAxsis also announces that David Ribeiro, Chief Executive Officer, will be stepping down after nine years with the company to pursue another opportunity.
The company continues to draw on the services and support of its key investor NetScientific PLC, a deep tech and life sciences VC investment group with an international portfolio of innovative companies. The company’s reorientation has further been supported by the investment facilitated by EMV Capital, the venture capital arm of NetScientific.
Strategic Shift
The global investment and international pharmaceutical company interest into respiratory diseases continues to grow alongside a drive for convenience, accelerated by the coronavirus pandemic. COPD is the third leading cause of death worldwide, and COPD cases are expected to grow from 480 million in 2020 to 660 million by 20502. In the UK alone, lung disease alone costs more than £11 billion per year, including the impact on the NHS (£9.9bn), and wider economy through working days lost (£1.2bn)3.
ProAxsis is committed to remaining at the forefront of major developments and with its strategic shift towards Point of Care Testing (POCT), the company is bringing testing conveniently to the patient, potentially improving patient outcomes, clinician experience, and driving down healthcare costs to governments and insurance providers.
The POCT will employ the company’s proprietary NEATstik technology to offer patients and healthcare providers novel solutions to prioritise patients with the highest immediate need. This will empower healthcare professionals to make quicker and more informed decisions and will enhance patient outcomes by: minimising avoidable exacerbations, reducing unnecessary clinic visits, and cutting down on extended hospital stays.
The company intends to seek strategic alliances that will enable greater investment towards the development and expedited launch of its Patient Platform.
Alan Markey, the new Chairperson of ProAxsis, commented:
“I am honoured to join ProAxsis as Chairman during this exciting moment in the company’s journey. With a strong foundation in respiratory disease diagnostics and a renewed strategic focus on patient Point of Care testing, ProAxsis is poised to make further significant impact in improving patient outcomes and delivering value to healthcare providers.
The Board extends gratitude to David for his leadership, dedication, and valuable contributions during his tenure, wishing him every success for the future. I look forward to working closely with the Board and wider management team to drive these initiatives and contribute to ProAxsis’s continued success.”
Professor Steven Myint, the new Non-Executive Director of ProAxsis, added:
“I am privileged to join ProAxsis as a Non-Executive Director and look forward to contributing my clinical and strategic insights to advance the company’s mission of improving patient outcomes in respiratory diseases. Through our focus on patient Point of Care Testing, powered by innovative and patented technology, we aim to empower healthcare providers with timely and accurate diagnostic solutions, ultimately enhancing patient care and quality of life.”
- Mordor Intelligence (2024). Respiratory Disease Testing. https://www.mordorintelligence.com/industry-reports/respiratory-disease-testing
- JAMA Netw Open (2023). Global Burden of Chronic Obstructive Pulmonary Disease Through 2050. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10704283/
- GOV UK (2023). Respiratory disease: applying All Our Health. https://www.gov.uk/government/publications/respiratory-disease-applying-all-our-health/respiratory-disease-applying-all-our-health
For more information, please contact:
Alan Markey, Chair alan.markey@proaxsis.com
About ProAxsis
ProAxsis is a commercial medtech company, with a focus on respiratory diagnostics, a growing global burden exacerbated in the aftermath of the COVID-19 pandemic. ProAxsis uses its proprietary ProteaseTag® technology to develop laboratory-based assays and rapid point-of-care tests for the measurement of active protease biomarkers associated with chronic respiratory diseases such as COPD, cystic fibrosis and bronchiectasis. The company is a spin-out of Queen’s University Belfast.
The company has refined its product portfolio alongside a quality laboratory, enabling commercialisation of its technology through clinical services to pharma/biotech industry clients, and via direct kit sales to researchers globally. The company’s key development project is focused on enhancing its offering for ongoing patient monitoring at POC in respiratory disease patients via its CE marked lateral flow test (NEATstik).
About NetScientific
NetScientific plc (AIM: NSCI) is a deep tech and life sciences VC investment group with an international portfolio of innovative companies.
NetScientific identifies, invests in, and builds high growth companies in the UK and internationally. The company adds value through the proactive management of its portfolio, progressing to key value inflection points, and delivering investment returns through partial or full liquidity events.
NetScientific differentiates itself by employing a capital-efficient investment approach, making judicial use of its balance sheet and syndicating investments through its wholly owned VC subsidiary, EMV Capital. The group secures a mixture of direct equity stakes and carried interest stakes in its portfolio of companies, creating a lean structure that can support a large portfolio.
NetScientific is headquartered in London, United Kingdom, and is admitted to trading on AIM, a market operated by the London Stock Exchange.
