RE: WHILST some are looking at monday/CLINICAL TRIAL results day20 Feb 2021 12:36
10 Nov RNS:
Scientific
Work to ensure that Paraytec has an integrated technology proposition combining the proprietary biochemistry, hardware and software that has been developed is making good progress. Paraytec is working to optimise the speed and accuracy of the test because these are the features most important for commercial success. This work includes speeding up the capture of virus particles from a swab or saliva sample using a laser diode to make detection faster and more accurate and using a mobile phone camera to analyse the test. Paraytec is also investigating approaches for inactivation of virus particles prior to testing, so that sample handling will be safer and disposal will be made easier.
Regulatory Pathway
A key part of the pathway for the commercial launch of Paraytec's fast and sensitive COVID-19 test concerns the standards that regulators around the world require to be met prior to launch. Paraytec is focusing its efforts on meeting the requirements of major markets (and in particular the UK, EU and the US). Paraytec has engaged with the regulatory agency processes to ensure that the trials and specifications of its test will meet or exceed the requirements that the relevant regulatory agency has set out and to ensure that the regulatory approval process is fast-tracked wherever this is possible.
Funding
Braveheart has been working through the funding requirements of this project with the management of Paraytec and ensuring that all the funding required will be in place. Braveheart's financial resources has increased following the cash raised from the recently announced exercise of warrants and the recently announced sale of a part of our holding in Remote Monitored Systems plc, which raised approximately £3.15 million. Consequently, Braveheart now expects that the forecast cash costs of this project can now be met in full by Braveheart without the requirement to raise any funding from other sources. The cash now allocated to this project is expected to be sufficient to take the project through to a point where the product is ready for commercial launch.
In addition, other non-financial support has been applied for from governmental organisations that provide assistance for the accelerated development of diagnostic devices in selected companies.
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