Shares of Braveheart Investment Group plc (LON: BRH0 fell 13.26% after the company issued an update on the COVID-19 test developed by its investee company Paraytec Limited.
The company revealed that Paraytec had finally received 500 samples from Sheffield Hospitals Trust. It has recruited additional staff to process the samples since its clinical samples pipeline is now fully operational.
To minimise the impact of the delay. Paraytec brought forward its work schedule, using an isolated lab-grown virus to optimise the operational sensitivity of its instrument for the detection of pre-symptomatic and early-stage symptomatic levels of the coronavirus.
Braveheart noted that despite the global rollout of various coronavirus vaccines, demand for tests that detect the coronavirus infection at its earliest onset to protect communities and people who may not survive the virus's severe symptoms.
Paraytec is still committed to delivering a test that delivers test results within five minutes while achieving the parameters set out by the Medical Health Regulatory Authority (MHRA). The firm’s target is to detect less than 1000 virions per millilitre of the test sample, which would make the test a market leader if this target is achieved.
Prof Carl Smythe, who heads the University of Sheffield team, explained, “We are very pleased with the rapid performance of our sample capture device. Together with the analytical sensitivity and speed of the optical system, we are on track to deliver a robust test that will support the level of infection control required globally.”
Trevor Brown, Braveheart’s CEO, added: “Though slightly delayed, the clinical sample pipeline is now fully operational and the development program remains intact. The agility and dedication of the team has resulted in workflows being re-arranged so that the unanticipated impact of the third lock-down has been eliminated within the original project timeframe.”
Braveheart share price
Braveheart shares fell 13.26% to trade at 34p having dropped from Thursday’s closing price of 39.2p.
