EMV Capital leads c.£1.8 million investment into respiratory diagnostics company ProAxsis

EMV Capital (”EMVC”), the VC investor specialising in high-growth deep tech companies, is pleased to announces it has led a c.£1.8 million investment into its portfolio company ProAxsis, the Queen’s University Belfast spin-out with a focus on respiratory diagnostics.

The deal syndicated by EMV Capital is an investment package which includes c.£211,000 from new investors, c.£36,000 from the exercise of warrants granted to existing investors in connection with convertible loan notes, the conversion of the CLNs (and interest thereon) valued at c.£455,000, and by the conversion of loans from NetScientific PLC valued at c.£776,000. This additional funding is complemented by ongoing non-dilutive funding from, amongst other grants awarded, a recent c.£333,000 grant from Innovate UK.

In addition to the existing investment, ProAxsis is anticipating a follow-on investment of up to a further £289,000 to be raised.  The proceeds of the investment will, inter alia, support ProAxsis in the development of its Patient Point of Care product range, and its working capital requirements, as well as its endeavours to attract strategic partners.

Based in Northern Ireland, 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. Recently, the company announced an updated corporate strategy, 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 and deliver value to healthcare providers, unlocking the next stage of growth in the $5.8 billion global respiratory disease testing market.1

The company continues to draw on the services and support of EMV Capital and NetScientific PLC, its key investor and the parent company of EMVC.

Dr Ilian Iliev, MD of EMV Capital, and Investor Director of ProAxsis, said:

“We welcome this additional funding for ProAxsis. Complemented by the CLNs and Innovate UK grant, these investments demonstrate strong financial support as ProAxsis develops its offering to the respiratory disease market, whilst it explores options for a potential sale to a new strategic owner.

“EMV Capital securing this third party funding is a further example of our capital efficient investment model, allowing ProAxsis to grow without reliance upon the NetScientific balance sheet.”

  1. Mordor Intelligence (2024). Respiratory Disease Testing. https://www.mordorintelligence.com/industry-reports/respiratory-disease-testing

 About EMV Capital

EMV Capital is an award-winning VC investor specialising in high-growth deep tech companies in the life science, sustainability, and industrials sectors in the UK and internationally.

EMV Capital develops unique investment strategies for each portfolio company, drawing on its EIS fund and extensive network of private investors, family offices, institutions, and corporate VCs. Delivery and successful execution of these investment strategies enables innovative portfolio companies to raise funding to drive transformational growth.

Through its value creation services practice, EMV Capital takes a more active operational role to drive outsized returns for select investments, including business planning, financial modelling, recruitment, and restructuring support.

EMV Capital is a wholly owned subsidiary of NetScientific plc (AIM:NSCI), an AIM-listed VC investment group with a focus on deep tech and life sciences.


For any enquiries, please contact Belvedere Communications:

John West:           +44 (0) 207 653 8702


Llew Angus          +44 (0) 207 653 8703


About ProAxsis

ProAxsis Limited is a global diagnostics company, based in Northern Ireland, with a specific focus on active protease biomarkers. The company currently commercialises activity-based immunoassays targeting Neutrophil Elastase (NE) and Proteinase 3, as biomarkers of lung infection and inflammation in chronic respiratory diseases such as COPD, cystic fibrosis and bronchiectasis.

This technology has been translated into a point-of-care test (NEATstik®), to enable ongoing monitoring of active NE levels. Recently published data has shown that measuring active NE levels using NEATstik® enables identification of patients with airway bacterial infection and those patients at highest risk of suffering pulmonary exacerbations over the subsequent 12 months.

In addition to proteases, the company also has significant expertise in the measurement of other inflammatory biomarkers, including IL-6, IL-8 and TNF-alpha.

Aside from the provision of assays, ProAxsis provides clinical services at its purpose-built laboratory facility in Belfast and supports pharmaceutical company-sponsored Phase I, II and III clinical trials.


For more information, please contact:

Alan Markey, Chair                                                                                      alan.markey@proaxsis.com

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