Investment update – Paraytec Limited

Braveheart Investment Group plc

04 March 2024

 

04 March 2024

Braveheart Investment Group Plc

("Braveheart", the "Company" or the "Group")

Investment update - Paraytec Limited

Braveheart Investment Group (AIM: BRH), announces an update on the Company's strategy with regards to one of its investments, Paraytec Limited ("Paraytec"). Paraytec develops high performance specialist detectors for the analytical and life sciences instrumentation markets.

On 15 December 2023, the Company announced that it had engaged an M&A specialist to seek a cash buyer for Paraytec. Following a marketing campaign, the Company has been unable to secure an attractive offer from potential acquirers and the Board has therefore decided to retain Paraytec within its investment portfolio. Paraytec will continue its development of the sales and marketing of the CX300 instrument and associated consumables with the aim of further enhancing the appeal to a potential acquirer or partner in the future.

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.  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 extra cellular vesicles, with others showing interest in that area.

Braveheart holds a 100% equity interest in Paraytec. In addition, it has provided unsecured interest free loans to Paraytec totaling £1,255,200 as at 30 September 2023.

For further information:

Braveheart Investment Group plc	Tel: [phone]
Trevor Brown, Chief Executive Officer Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
James Reeve / George Payne
Peterhouse Capital Limited (Joint Broker)	Tel: [phone]
Duncan Vasey / Lucy Williams

 

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