Shares of Braveheart Investment Group plc (LON: BRH) today surged 28.2% after announcing that Paraytec Limited (Paraytec) one of its portfolio companies will release the first results of its COVID-19 test kit in January 2021.
The company is working on a rapid COVID-19 test in collaboration with the University of Sheffield and has acquired purified SARS-CoV2 virus which it will use to optimise both the lower limit and speed of detection.
The test is aimed at detecting the coronavirus in asymptomatic or pre-symptomatic patients while delivering the test results in just five minutes.
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Paraytec has received ethical approval from the Sheffield Hospitals Trust to test up to 500 clinical samples, which will be verified using the PCR approach to unambiguously demonstrate the performance characteristics of the COVID-19 test.
The company expects to release the first results of its work by the end of January 2021 when it will also issue a further update.
Braveheart noted the recent discussions in the media regarding the underperformance of a range of single-use testing (lateral flow) devices, which are being trialled throughout the UK.
The Company is committed to developing a test which achieves the performance parameters specified by the Medical Health Regulatory Authority and delivers a test result in five minutes.
Paraytec confirmed that its virus capture technology will now be applied to the development of both the optical measurement system and a lateral flow device.
Braveheart share price
Braveheart shares today surged 28.2% to trade at 21.8p having rallied from Thursday’s closing price of 17p.