Braveheart upbeat on progress with Paraytec
Braveheart Investment Group updated the market on progress with the proof-of-concept for a Covid-19 test that Paraytec was conducting with the University of Sheffield.
The AIM-traded firm had announced on 5 October that proof-of-concept was achieved for the Optical Detection System.
Since then, the focus of the proof-of-concept trials had been on the Capture & Signal Generation Modules.
Braveheart confirmed on Friday that proof-of-concept had now been achieved for the Capture & Signal Generation Modules, meaning the proof-of-concept trials had been successfully completed.
The directors of Braveheart said they believed that the test would be the first to combine a rapid result with very high detection sensitivity.
Work would now turn toward the acquisition of clinically-relevant data, to facilitate optimisation of the functional capabilities of the test, together with a programme of product refinement and development.
Meanwhile, regulatory approval for live virus trials and the acquisition of clinical data was being sought.
“This is a phenomenal achievement for all concerned,” said Braveheart chief executive officer Trevor Brown.
“The inspirational leadership and innovative brilliance of professor Carl Smythe and his talented team have resulted in proof of concept in a little over four months.”
At 1347 BST, shares in Braveheart Investment Group were up 28.86% at 45.67p.