Braveheart Investment Group PLC (AIM:BRH) said its Paraytec subsidiary will target the sepsis and bladder cancer markets with its CX300 technology platform.
The investment company said the UK government’s decision to rapidly wind down the testing and isolation requirements for UK citizens and travellers to the UK has abruptly changed the nature of the COVID-19 test market and this which has led to a slowing of discussions with the remaining potential acquirers of Paraytec Limited and its COVID-19 test. It now appears unlikely that Braveheart will be able to conclude a sale with one of the remaining engaged parties at an acceptable price in the foreseeable future, the company told investors.
The Braveheart board believes that once the prospective clinical study of the CX300 technology platform is completed – scheduled to be concluded before the end of June – it would be in the best interests of Paraytec focused on the development of the sepsis and bladder cancer applications for its technology.
“Since the remaining potential partners and potential acquirers that Braveheart is in discussions with are interested in both the COVID and sepsis applications, it may be that a buyer or partner will still emerge in due course,” the company’s stock market announcement said.
Meanwhile, Braveheart said its remaining strategic investments are well-positioned for growth and it will continue to adopt a dual strategy of building their value and at the same time engaging in discussions with potential acquirers, thereby seeking to maximise value to Braveheart.