RCS - Spectra Systems - Update regarding Solaris

Spectra SystemsAnnouncement

13/06/2022 07:00

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RNS Number : 6049O  Spectra Systems Corporation  13 June 2022

Reach

 

Spectra Systems Corporation ("Spectra" or the "Company")

Update regarding Solaris BioSciences Holdings Limited ("Solaris")

On 21 March 2022, Spectra announced that Solaris, in which the Company has a
c.48 per cent. equity interest, was in the early stages of a financing round
and had applied to the UK authorities for tax relief.

The Board is therefore pleased to announce that Solaris has received advance
assurance from HMRC that it is a qualifying company for the purposes of EIS
relief. The Board understands that Solaris is commencing the marketing of its
financing round imminently.

Solaris has developed a proprietary optically based technology for the
measurement, in medical clinics, hospital waiting rooms and the home, of blood
plasma viscosity with pin-prick volumes of blood, in order to detect viscosity
changes which are related to inflammation stemming from infections, cancers
such as multiple myeloma, cardiovascular disease, Alzheimer's, and rheumatoid
arthritis.  The technology is a combination of low-cost hardware (a
"LaserDrag Viscometer") and consumable test strips.

The Solaris technology, which is protected by two issued USPTO patents and
foreign filings as well as several pending patents, has been demonstrated in
fully functioning prototypes whilst (i) being a fraction of the cost of
existing tests, (ii) generating immediate results, versus existing tests that
can take days to weeks to process, and (iii) not requiring syringe blood
drawing.  The LaserDrag Viscometer and consumable test strips are a more
direct measure of inflammation than the commonly utilised Erythrocyte
Sedimentation Rate (ESR) methods requiring syringe blood draw utilized today
and which are projected to have US sales of approximately £ 395mm by 2028
[June 26, 2019 08:50 ET | Source: Persistence Market Research
(https://www.globenewswire.com/en/search/organization/Persistence%2520Market%2520Research%2520Private%2520Limited)
].

Enquiries:

Enquiries:

Spectra Systems Corporation

Dr. Nabil Lawandy (Chief Executive Officer)
              Tel: +1 (0) 401 274 4700

 WH Ireland Limited (Nominated Adviser and Broker)       Tel: +44 (0)20 7220 1650

 Chris Fielding (Managing Director, Corporate Finance)

 Andrew de Andrade (Executive, Corporate Finance)

 Allenby Capital Limited (Joint Broker)                  Tel: +44 (0)20 3328 5665

 Nick Naylor/James Reeve (Corporate Finance)

 Amrit Nahal (Sales and Corporate Broking)

 

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