Shares of Braveheart Investment Group plc (LON: BRH) soared on Friday after the investment company announced that one of its investee companies Paraytec had completed the proof of concept for a COVID-19 test.
Braveheart noted the proof of concept has now been attained for the capture and signal generation modules, thereby successfully completing the proof of concept trials for the test.
The company will now focus on 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.
The firm is currently talking to regulators to get approval for live virus trials and the acquisition of clinical data.
Trevor Brown, Braveheart’s CEO said: “This is a phenomenal achievement for all concerned. 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.”
Braveheart share price
Braveheart shares ended Friday’s session up 25% on the news.