for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-NetScientific's unit signs deal to sell AstraZeneca's COVID-19 test

(Adds details of the deal, CEO quote)

June 7 (Reuters) - British life sciences company NetScientific Plc said on Monday that one of its subsidiaries has entered an exclusive licensing agreement with AstraZeneca Plc to globally sell a COVID-19 test.

NetScientific’s wholly-owned unit ProAxsis Ltd will look after completing validation and global commercialisation of AstraZeneca’s SARS-CoV-2 serology ELISA and, in return, the Anglo-Swedish drugmaker will receive a royalty fee on future global net sales of the assay, the company said.

The ELISA, or enzyme-linked immunosorbent assay that is developed by an internal research team at AstraZeneca, is a highly sensitive and specific blood test that collects samples from a finger prick. AstraZeneca said the test will be well-suited for antibody analyses in large populations.

“The assay could, if fully validated, potentially attract a substantial market,” NetScientific Chief Executive Officer Ilian Iliev said in a statement.

NetScientific holds 95% stake in ProAxsis on a fully diluted basis. (Reporting by Vishwadha Chander in Bengaluru; editing by Uttaresh.V)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up