Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ) said Solaris, in which it owns a 48% stake, will soon begin marketing for a financing round after being assured by HMRC it qualifies for relief under the Enterprise Investment Scheme (EIS).
Solaris developed a technology to allow blood plasma viscosity to be measured with a pin-prick by clinicians or at home, to help detect inflammation stemming from infections, cancers such as multiple myeloma, cardiovascular disease, Alzheimer's, and rheumatoid arthritis.
The technology is a combination of low-cost hardware and consumable test strips, Spectra noted, and is protected by two issued US patents and foreign filings as well as several pending patents.
Based on fully functioning prototypes, Spectra said blood viscosity testing would be a fraction of the cost of existing tests, would generate immediate results compared to the weeks that existing tests can take days, and would not require syringe blood drawing.
The low-cost LaserDrag Viscometer and consumable test strips are “a more direct measure of inflammation than the commonly utilised Erythrocyte Sedimentation Rate (ESR) methods requiring syringe blood draw utilized today”.
Current tests are projected to have US sales of approximately £395mln by 2028.
In a separate announcement, Spectra said having received only nine ballots representing 41% of its shares, it does not have enough shareholder votes to achieve a quorum to transact business at its scheduled annual general meeting today.
“The presence in person or by proxy, duly authorized, of the holders of a majority of the outstanding shares of stock entitled to vote constitutes a quorum,” the statement said.