The share price of Braveheart (LON: BRH) surged by 25 percent in early trading after it announced progress made by Paraytec on a COVID-19 test.
With an investment in Paraytec, shares in Braveheart jumped as it noted that the proof of concept has been completed between Paraytec and University of Sheffield on the test.
Directors of Bravehart claim this will be the first test to combine a rapid result with ‘very high detection sensitivity’ sensitivity.
Attention will now turn to building clinically relevant data to facilitate optimisation of the functional capabilities of the test as well as steer ongoing improvements. Regulatory approval for live virus trials and acquisition of clinical data is in motion.
Commenting on the news was Trevor Brown, CEO of Braveheart.
Brown was notably ecstatic about the development by one of the firms it has invested in:
“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.”
Following the news, the share price of BRH was at 45p.