(Alliance News) - Braveheart Investment Group PLC on Wednesday said its wholly-owned portfolio company Paraytec Ltd has secured its first commercial sales contract for the CX300 Optical Particle detector instrument.
The Dodworth, England-based investment company said the contract was with Nottingham Trent University.
The instrument will be installed in the EX-Cell group at NTU, led by Professor Elisabetta Verderio Edwards, Braveheart Investment said, whose work focuses on the role of extracellular factors in cell survival in conditions of neurodegeneration and tissue repair.
Braveheart Investment said the CX300 instrument will be used to further their Alzheimer's, Dementia and Parkinson's research at NTU.
It added that the Paraytec directors believe that this sale of the CX300 instrument could be "the first of many" to UK and European research laboratories.
"This sales contract with NTU is the first commercial sale of the CX300 instrument by Paraytec, justifying our investment in the company and its development in the CX300 instrument, as well as Paraytec's continuing commitment to innovation," said Braveheart Investment Chief Executive Officer Trevor Brown.
Braveheart Investment has provided unsecured interest free loans to Paraytec totalling GBP1.2 million as at March 31.
Shares in Braveheart Investment were down 2.6% to 8.53 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Braveheart Inv (BRH)