Braveheart Investment Group PLC (AIM:BRH) said investee company Paraytec's Covid-19 scanner is on track but its Alzheimer's Disease 9AD) detector is going to need further testing.
Prototypes of both scanners were shipped to its partners in early July.
In Alzheimer's, sample testing has commenced but the initial results from Vrije University Medical Centre Amsterdam (VUMC) using AD patient samples were inconclusive.
The cause and implications of these initial results are not yet known, Braveheart said.
Further testing is needed and although the funded project will end at the end of this month, Paraytec's partners have indicated that they will continue the testing thereafter.
A further update is expected by the end of September 2021.
Braveheart added that Paraytec's work to develop an instrument for the detection of COVID-19 is progressing as planned and a corporate finance specialist has been engaged to market the technology to potential partners or acquirers.
The next update for both the COVID-19 and AD scanner projects will be around the end of September 2021, said the statement.