Proposed funding round by Paraytec Limited

RNS Number : 3676U

Braveheart Investment Group plc

12 July 2018

 

12 July 2018

Braveheart Investment Group plc

("Braveheart" or the "Company")

Proposed funding round by Paraytec Limited

Braveheart Investment Group plc (AIM: BRH), the fund management and strategic investor group, notes that Paraytec Limited ("Paraytec") has announced that it has engaged an adviser to raise £4 million of equity fundraising in order to fund the further development, regulatory approval and commercialisation of its innovative urine test for the detection and monitoring of bladder cancer.

As previously reported, Braveheart holds a 42% aggregate holding in Paraytec's current share capital.  Given the level of the Company's existing shareholding, Braveheart does not intend to participate in the equity fundraising, though is fully supportive of the strategic rationale for it to take place.

Trevor Brown, CEO of Braveheart said: 'Paraytec's bladder cancer test shows excellent results in the laboratory and, once clinical trials are successfully completed, it will address a significant clinical need for a simple and non-invasive test for detecting and monitoring bladder cancer. The funds will be used to complete the development programme and conduct the clinical study required to obtain the necessary regulatory approvals and commercialise the test.'

For further information: 

Braveheart Investment Group plc Trevor Brown, Chief Executive	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker) David Worlidge / Nicholas Chambers	Tel: [phone]
Peterhouse Corporate Finance Ltd (Joint Broker) Heena Karani / Lucy Williams	Tel: [phone]

 

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