Braveheart Investment Group PLC (AIM:BRH) shares jumped 28% to 9p after it said the CX300 rapid test instrument being developed by its Paraytec subsidiary will be marketed for sale to researchers after passing independent testing for CE marking and successfully completing trials at the University of Sheffield.
The study of the CX300, which is designed to identify cancer and pathogens such as viruses, in comparison with PCR tests indicated up to 100% correlation with patients who tested positive by PCR, the AIM-listed company said, but that it is three times quicker than current conventional tests even before likely process automation that could be added.
The study identified that many patients who tested positive by PCR are often no longer infectious, since PCR detects fragments of viral DNA, which are present in patients both before and long after the infectious phase.
Braveheart, which noted that the global PCR testing market is forecast to grow 5.8% a year to US$26.12bn by 2027, suggested the CX300 can distinguish patients that are likely to be infectious from those who are not, though they would test positive with a conventional PCR test.
Paraytec, which is wholly owned by Braveheart, will relay an independent clinical statistical analysis and report after it is completed around June.
Potential follow-on projects and potential use cases for the CX300 are being evaluated by Professor Carl Smythe's team at Sheffield University, including accelerating the diagnosis of sepsis; faster vaccine drug delivery into living cells; tapping into the “intense interest” from drug research in characterising extra-cellular vesicles; intracellular analysis of drug resistance; assessing adeno-associated viruses for gene therapy research and manufacturing; protein aggregation analysis; a less expensive means of detecting immune cells; and quantitative detection of the ‘micro clots’ that cause various problems including possible involvement in long Covid.
Strong interest in Kirkstall device
An update was also provided on Kirkstall, which is 80% owned by Braveheart and developing an ‘organ on a chip’ designed to reduce or replace the use of animals in cosmetic research and testing.
Its newly developed QV1200 device was launched in February and has “attracted strong interest from actual and potential academic and commercial customers”, the company said.
The QV1200 has increased throughput compared to previous models and its culture chambers are single use, which will provide Kirkstall with the ability to seek repeat sales from each customer.
Trevor Brown, CEO of Braveheart, said: "Shareholders have had to be patient for longer than we had anticipated but with both Paraytec and Kirkstall now making material progress towards the commercialisation of their technologies your directors are optimistic that their patience will be rewarded."
After jumping to 9p in early trading the shares eased back to 7.9p by mid-morning, an increase of 13% on the previous close.