Braveheart Investment Group PLC (AIM:BRH) updated investors on Tuesday on recent developments at investee companies Paraytec and Phasefocus.
Wholly owned Paraytec, which develops specialist detectors for the analytical and life sciences instrumentation markets, is expected to deliver initial test results for the first phase of the clinical study into its CX300 instrument in February, with full analysis now seen as likely to be in April.
The CX300 instrument has been designed to carry out rapid tests for identifying cancer and pathogens, including viruses.
The University of Sheffield study continues to recruit participants via Sheffield Teaching Hospital’s drive-through Covid testing service, Braveheart said, but added that delays had been experienced due to there being not enough NHS staff available to collect the additional swab specimens for analysis.
Following full analysis in April, Braveheart and Paraytec will judge the commercial justification for a second phase, which would be a longitudinal study.
“The company believes that the ability to demonstrate performance in a clinical setting will attract potential licensees and acquirers of Paraytec's CX300 technology platform, for point-of-care and other applications,” said Braveheart, adding that it is also pursuing CE marking of the instrument for laboratory use.
Over at Phasefocus, a 45%-owned quantitative imaging spin-out from the University of Sheffield, the focus has moved to direct sales.
Sales in 2022 were lower than forecast, it was reported, due to the loss of its lead distributor, though direct marketing and selling in the EU and US have resulted in a “promising pipeline of sales enquiries”.
Braveheart said it “remains optimistic about future prospects for Phasefocus and expects to participate proportionately in a proposed further funding round of £300,000, to maintain progress of the direct sales activity, in the near future”.