REG - Braveheart Inv Group - Investment update – Paraytec Limited

Braveheart InvestmentAnnouncement

04/03/2024 12:00

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RNS Number : 4836F  Braveheart Investment Group plc  04 March 2024

04 March 2024

 

Braveheart Investment Group Plc

("Braveheart", the "Company" or the "Group")

 

Investment update - Paraytec Limited

 

Braveheart Investment Group (AIM: BRH), announces an update on the Company's
strategy with regards to one of its investments, Paraytec Limited
("Paraytec"). Paraytec develops high performance specialist detectors for the
analytical and life sciences instrumentation markets.

 

On 15 December 2023, the Company announced that it had engaged an M&A
specialist to seek a cash buyer for Paraytec. Following a marketing campaign,
the Company has been unable to secure an attractive offer from potential
acquirers and the Board has therefore decided to retain Paraytec within its
investment portfolio. Paraytec will continue its development of the sales and
marketing of the CX300 instrument and associated consumables with the aim of
further enhancing the appeal to a potential acquirer or partner in the future.

 

As previously reported, Paraytec is working on the development of the CX300
instrument to assist in the rapid diagnosis and treatment of bacteraemia, the
presence of bacteria in the blood, which is found in the majority of patients
with sepsis.  Paraytec has also developed technical notes on how the CX300
can be used for the detection of protein aggregation, an important factor for
protein producers and users, and Adeno-associated virus which are used in gene
therapy. Three universities have signed sales contracts, two for use in their
work on extra cellular vesicles, with others showing interest in that area.

 

Braveheart holds a 100% equity interest in Paraytec. In addition, it has
provided unsecured interest free loans to Paraytec totaling £1,255,200 as at
30 September 2023.

 

For further information:

 

 Braveheart Investment Group plc                                Tel: 01738 587555
 Trevor Brown, Chief Executive Officer

 Viv Hallam, Executive Director

 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: 020 3328 5656
 James Reeve / George Payne

 Peterhouse Capital Limited (Joint Broker)                      Tel: 020 7469 0936
 Duncan Vasey / Lucy Williams

 

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