RNS Update8 Dec 2021 07:19
Wed, 8th Dec 2021 07:00
RNS Number : 9029U
Braveheart Investment Group plc
08 December 2021
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
8 December 2021
Braveheart Investment Group plc
("Braveheart" or the "Group")
Operational update on Paraytec
Braveheart Investment Group plc (AIM: BRH), is pleased to provide the following update on Paraytec, a company within the Group's investment portfolio.
COVID-19 Test
As reported in the Half-Yearly Report on 15 November 2021, the Paraytec team has engaged Sagentia International, to assist with the development of our test cartridge.
The design, production and supply of a competitively priced test cartridge is critical to the realisation of the full commercial potential of the Paraytec test. Paraytec are very pleased that design analysis suggests the production cost will be less than £2 per cartridge.
Similarly, the projected manufacturing cost of the CX300 instrument, required to analyse the patient specimen and provide the test result, is likely to be in the region of £1,500 per instrument. This relatively low cost means that CX300 instruments could be offered for a nominal charge with a minimum initial purchase of cartridges, a marketing and business model successfully pursued by printer manufacturers, razor blade manufacturers and others.
As previously indicated, the Paraytec team will commence a prospective clinical study early in the new year, followed by a longitudinal study. Discussions with potential commercial partners and acquirers are now continuing in some depth, with some prospective counter parties having completed a third round of such meetings. The Braveheart board continues to assess what is likely to result in the best outcome for shareholders, whether it is from the potential sale, partnership or retention and full development of the technology.
Omicron: The Paraytec and Sheffield University team are confident that the test will work with Omicron and other variants, as Paraytec's test to detect the COVID-19 virus uses antibodies to attach a specific fluorescent dye to the surface of each virus particle. The antibodies used in the test have been selected to recognise the viral Spike protein. While mutations in the Omicron variant give rise to over 30 amino acid changes in the Spike protein, all of these occur in a region of the protein which is distinct from that recognised by the antibodies selected for the Paraytec test.
Sepsis Test
Paraytec has commenced the development of a blood-based test for the identification of microbial pathogens which are causative agents in the development and emergence of sepsis. The test will be based on