Update regarding Solaris

RNS Number : 6049O

Spectra Systems Corporation

13 June 2022

 

Reach

Spectra Systems Corporation ("Spectra" or the "Company")

Update regarding Solaris BioSciences Holdings Limited ("Solaris")

On 21 March 2022, Spectra announced that Solaris, in which the Company has a c.48 per cent. equity interest, was in the early stages of a financing round and had applied to the UK authorities for tax relief.

The Board is therefore pleased to announce that Solaris has received advance assurance from HMRC that it is a qualifying company for the purposes of EIS relief. The Board understands that Solaris is commencing the marketing of its financing round imminently.

Solaris has developed a proprietary optically based technology for the measurement, in medical clinics, hospital waiting rooms and the home, of blood plasma viscosity with pin-prick volumes of blood, in order to detect viscosity changes which are related to inflammation stemming from infections, cancers such as multiple myeloma, cardiovascular disease, Alzheimer's, and rheumatoid arthritis.  The technology is a combination of low-cost hardware (a "LaserDrag Viscometer") and consumable test strips. 

The Solaris technology, which is protected by two issued USPTO patents and foreign filings as well as several pending patents, has been demonstrated in fully functioning prototypes whilst (i) being a fraction of the cost of existing tests, (ii) generating immediate results, versus existing tests that can take days to weeks to process, and (iii) not requiring syringe blood drawing.  The LaserDrag Viscometer and consumable test strips are a more direct measure of inflammation than the commonly utilised Erythrocyte Sedimentation Rate (ESR) methods requiring syringe blood draw utilized today and which are projected to have US sales of approximately £ 395mm by 2028 [ June 26, 2019 08:50 ET | Source:  Persistence Market Research ].

Enquiries:

Enquiries:

Spectra Systems Corporation

Dr. Nabil Lawandy (Chief Executive Officer)                                     Tel: [phone]

WH Ireland Limited (Nominated Adviser and Broker) Chris Fielding (Managing Director, Corporate Finance) Andrew de Andrade (Executive, Corporate Finance)  Allenby Capital Limited  (Joint Broker) Nick Naylor/James Reeve (Corporate Finance) Amrit Nahal (Sales and Corporate Broking)

Tel: [phone] Tel: [phone]

 

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