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LONDON (Alliance News) - Braveheart Investment Group PLC on Friday said it has invested GBP138,000 in one of its existing portfolio companies Kirkstall Ltd in a follow-on funding round, and following completion of the investment will hold 28% of the company.
Kirkstall develops technology referred to as "organ on a plate", which can model human organs, and which could drive down drug and cosmetic development costs by enabling the testing of drugs on living tissues. The company is based in Sheffield, Yorkshire.
Braveheart said GBP250,000 was raised in total in the funding round, of which GBP138,000 was contributed by Braveheart, and noted that the funds will enable Kirkstall to expand and develop marketing and technical support for its customers in the US and Europe.
Following completion of the investment, Braveheart will hold a 38% interest in Kirkstall.
Shares in Braveheart were up 7.7% at 7.00 pence on Friday afternoon.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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