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)