The Braveheart Investment Group plc (LON: BRH) share price surged 21.9% after issuing an update about its investment portfolio. The first update was about Payatec, which it owns 100% of. Paraytec develops high-performance specialist detectors for the life sciences and analytical instrumentation markets.
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Furthermore, the company has been running a programme in collaboration with the University of Sheffield to develop rapid tests (CX300) for identifying cancers and pathogens, including viruses. The company noted that collecting patient specimens for the Covid-19 clinical study at Sheffield NHS Trust Hospital was complete.
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The initial test results for Paraytec’s CX300 instrument revealed up to 100% correlation in patients that tested positive for the same pathogen under PCR tests. However, PCR tests have a significant flaw that leads to positive test results even when a person is not infectious.
PCR tests return positive tests since they detect fragments of the viral DNA, which tend to be present in patients long before and after they are in the infectious stage. Paraytec’s device is expected to identify if a patient is infectious.
Paraytec’s CX300 instrument is a competitor to the global PCR market, expected to grow to $26.12 billion by 2027. The CX300 instrument is also three times quicker at arriving at a diagnosis when compared to an equivalent PCR test.
The company has been exploring different ways to deploy the CX300 instrument after it passed independent testing for CE marking on 2 March 2023, certifying its compliance with the required safety standards for a laboratory-use instrument.
Braveheart also issued an update about Kirkstall, which operates in the ‘organ-on-a-chip’ market where it had developed a Quasi Vivo™ system of chambers for cell and tissue culture applications in laboratories.
Kirkstall has a patented technology researchers use in the growing New Approach Methodologies (NAM), allowing human-relevant drug safety decisions without animal testing.
Trevor Brown, Braveheart Investment’s CEO, said: “Shareholders have had to be patient for longer than we had anticipated, but with both Paraytec and Kirkstall now making material progress towards the commercialisation of their technologies, your directors are optimistic that their patience will be rewarded.”
*This is not investment advice.
The Braveheart (BRH) share price.
The Braveheart (BRH) share price surged 21.86% to trade at 8.53p, from Tuesday’s closing price of 7.00p.
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