(Sharecast News) - Braveheart Investment Group updated the market on one of its key investments, Paraytec, on Monday, confirming that it had failed to find an appropriate buyer for the company.
The AIM-traded firm had announced on 15 December that it had engaged a merger and acquisition specialist to pursue a cash buyer for Paraytec.
Despite an extensive marketing campaign, the company said it had not received satisfactory offers from potential acquirers.
As a result, the board said it had resolved to retain Paraytec within its investment portfolio.
Paraytec would continue its efforts to enhance the sales and marketing of its CX300 instrument and associated consumables.
The overarching goal, Braveheart explained, remained to augment its attractiveness to potential acquirers or partners in the future.
Braveheart maintained full ownership of Paraytec, holding a 100% equity interest and having extended unsecured interest-free loans to Paraytec totalling £1.26m as of 30 September.
"As previously reported, Paraytec is working on the development of the CX300 instrument to assist in the rapid diagnosis and treatment of bacteraemia, the presence of bacteria in the blood, which is found in the majority of patients with sepsis," the Braveheart board said in its announcement.
"Paraytec has also developed technical notes on how the CX300 can be used for the detection of protein aggregation, an important factor for protein producers and users, and adeno-associated virus which are used in gene therapy.
"Three universities have signed sales contracts, two for use in their work on extracellular vesicles, with others showing interest in that area."
At 1412 GMT, shares in Braveheart Investment Group were down 5.62% at 7.55p.
Reporting by Josh White for Sharecast.com.
Braveheart Inv (BRH)