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(Alliance News) - Braveheart Investment Group PLC on Friday said proof of concept trials are now complete for wholly-owned investee Paraytec Ltd's Covid-19 test.
The Barnsely, England-based strategic investor believes that the test will be the first to combine a rapid result with very high detection sensitivity.
The next step includes the acquisition of clinically relevant data to facilite the refinement and development of the test, Braveheart said.
The company said that regulatory approval for live virus trials and the acquisition of clinical data is being sought.
Braveheart Chief Executive Treveor Brown 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 shares were up 28% at 46.25 pence each in London on Friday morning, having hit a peak of 52.00p earlier in the morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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