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Braveheart soars as investee Paraytec completes proof of concept trials for coronavirus test

The investment company said work will now focus on the acquisition of clinically relevant data to facilitate optimisation of the capabilities of the test, together with a programme of product refinement and development

Braveheart Investment Group - Braveheart investee Paraytec completes proof of concept trials for coronavirus test

Braveheart Investment Group PLC (LON:BRH) said its investee Paraytec Limited has completed proof of concept trials for a coronavirus test it is developing with the University of Sheffield.

The investment firm said following the achievement of proof of concept for the optical detection system on October 5, the focus has been on the proof of concept trials for the capture and signal generation modules for the test.

READ: Braveheart Investment notes short delay in planned testing of investee firm, Pharm 2 Farm's anti-viral face mask material

Braveheart said the proof of concept has now been achieved for the capture and signal generation modules, thereby successfully completing the proof of concept trials for the test. Work will now focus on the acquisition of clinically relevant data to facilitate optimisation of the functional capabilities of the test, together with a programme of product refinement and development.

Meanwhile, the company said regulatory approval is currently being sought for live virus trials and the acquisition of clinical data.

"This is a phenomenal achievement for all concerned. The inspirational leadership and innovative brilliance of Professor Carl Smythe and his talented team have resulted in proof of concept in a little over four months", Braveheart chief executive Trevor Brown said in a statement.

Shares in Braveheart soared 25.8% to 45.3p in mid-morning trading on Friday.

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