REG - Braveheart Inv Group - Operational update

Braveheart InvestmentAnnouncement

10/01/2023 07:00

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RNS Number : 1653M  Braveheart Investment Group plc  10 January 2023

10 January 2023

Braveheart Investment Group plc

("Braveheart" or the "Company")

Operational update

Braveheart Investment Group plc (AIM: BRH) provides the following update on
Phasefocus and Paraytec, companies within the Group's investment portfolio.

 

Phasefocus Holdings Limited (Braveheart owns 44.69% of the company)

Phasefocus Holdings Limited ("Phasefocus"), a spin-out from the University of
Sheffield, has developed a series of patented computational imaging and
analysis techniques that have a wide range of applications including live cell
imaging, engineering metrology and electron microscopy. The company's novel
method for high fidelity quantitative imaging and microscopy is known in the
scientific literature as "ptychography".

 

Since Braveheart's Interim statement announced on 28 October 2022, Phasefocus
has increased its stock holding of critical components, to provide customers
with shorter lead times. However, sales in 2022 were lower than forecast, due
to the loss of Cytena as its lead distributor. Phasefocus is now marketing and
selling in the EU and US territories directly and has already developed a
promising pipeline of sales enquiries.

 

Braveheart remains optimistic about future prospects for Phasefocus and
expects to participate proportionately in a proposed further funding round of
£300,000, to maintain progress of the direct sales activity, in the near
future.

 

 

Paraytec Limited (Braveheart owns 100% per cent of the company)

 

Paraytec Limited ("Paraytec") develops high performance specialist detectors
for the analytical and life sciences instrumentation markets. In addition, the
Company has undertaken a programme with the University of Sheffield to
develop rapid tests for identifying cancer and pathogens, including viruses.

 

Further to the interim statement announced on 28 October 2022, Paraytec's
clinical study at the Sheffield Teaching Hospitals NHS Foundation Trust
continues to recruit participants.  This study runs alongside the Trust's
existing NHS drive-through COVID-19 testing service for staff. This program
has recently experienced some further delays due to a shortage of available
NHS staff to collect the additional swab specimens for analysis.

 

Initial test results for the first phase of the clinical study are now
expected in February 2023, with the full analysis likely to be in April 2023.
The commercial justification for the second phase, a longitudinal study, will
then be determined after consideration of the prevailing COVID test market.

 

The Company believes that the ability to demonstrate performance in a clinical
setting will attract potential licensees and acquirers of Paraytec's CX300
technology platform, for point-of-care and other applications. The Company is
also pursuing CE marking of the instrument for laboratory use.

 

 

 

 

For further information:

 Braveheart Investment Group plc                                Tel: 01738 587555
 Trevor Brown CEO

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

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

 

 

 

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