Braveheart Investment Group plc Holding in Phasefocus increased and other matters (5480N)
May 21 2020 - 2:00AM
UK Regulatory
TIDMBRH
RNS Number : 5480N
Braveheart Investment Group plc
21 May 2020
21 May 2020
Braveheart Investment Group plc
("Braveheart" or the "Group")
Holding in Phasefocus increased and operational update on
Paraytec
Braveheart (AIM: BRH), the fund management and strategic
investment group, is pleased to announce that it has conditionally
acquired 22,145 shares in Phasefocus Holdings Limited
("Phasefocus") from Synergy Investments Limited (the "Phasefocus
Acquisition") and is pleased to provide a further operational
update on its 100 per cent. owned investment, Paraytec Limited
("Paraytec").
Phasefocus
The Phasefocus Acquisition will be satisfied by the issue to
Synergy Investments Limited of 700,000 new ordinary shares in
Braveheart (the "Consideration Shares"). The Consideration Shares
had a value of GBP203,000, based on the closing mid-market price of
a Braveheart ordinary share of 29p per share on 20 May 2020, the
last practicable date prior to the date of the Phasefocus
Acquisition. When issued, the Consideration Shares will rank pari
passu in all respects with the Company's existing ordinary
shares.
The Phasefocus Acquisition is subject to agreement by certain
Phasefocus shareholders and, if approved, will increase
Braveheart's holding in Phasefocus from 25 per cent. to 42.67 per
cent. of the issued share capital of Phasefocus. A further
announcement will be made in due course.
Operational update on Paraytec
The Nexus Project
The Innovate UK grant funded part of the Nexus Project has now
been completed. The technology developed under this project
concerns microbore size exclusion chromatography ("uSEC") and is
now the subject of a number of patent applications being prepared
by Paraytec.
Commercial exploitation is expected to come from the development
of a new analytical instrument used in two main areas, the analysis
of high concentration monoclonal antibody ("mAb") formulations and
characterising critical quality attributes of Virus Like Particles
("VLP") for use in Gene Therapy, which has possible uses in the
development of therapeutics and vaccines for Covid-19.
The potential addressable market for an instrument aimed at the
mAb formulations is considered to be in excess of $10 million of
sales per annum. It is too early to quantify the addressable market
for the Gene Therapy area. There is currently significant merger
and acquisition activity in this market, and scientific
methodologies, which are in their infancy have yet to become
established. This presents opportunities for innovations such as
Paraytec's. The Covid-19 pandemic has additionally stimulated
interest in this market sector.
The proposed instrument requires a number of key subsystems in
addition to Paraytec's imaging capability and commercial
discussions with potential providers are underway.
One of the key features of the Nexus Project has been the high
level of meaningful interaction with end users including GSK,
AstraZeneca, Fujifilm Diosynth, The University of Central
Lancashire and The Centre for Process Innovation. All end users
have expressed a wish to be involved in the continuation of the
development work.
The AD Scanner Project
Through the AD Scanner Project, Paraytec is part of a European
consortium with two SMEs (Biomotif AB in Sweden and Spectrometry
Vision BV in Holland) as well as the Karolinska Institutet in
Sweden and the VU University Medical Center in Holland (together
the "Consortium"). The aim of the project is to develop a test for
Alzheimer's Disease by detecting certain biomarkers connected to
neurodegeneration. The Consortium has proved that it is possible to
follow the progression of Alzheimer's Disease by measuring protein
concentration in blood samples, using a method which has been shown
to classify Alzheimer's Disease patients into those who will later
rapidly lose their mental abilities, categorised as "fast
decliners", compared with those who will slowly decline mentally,
categorised as "slow decliners". A blood biomarker for Alzheimer's
Disease onset or progression is a highly desirable alternative to
the current markers in cerebrospinal fluid which can only be
acquired with an invasive lumbar puncture procedure, unlike blood
analysis which is widely utilised and considered non-invasive.
Commercial exploitation of this project is expected to be by
Biomotif AB taking a licence to use Paraytec's imaging technology
in the analytical instrument being developed.
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Trevor Brown, Chief Executive Officer
Allenby Capital Limited (Nominated Adviser Tel: 020 3328
and Joint Broker) 5656
David Worlidge / Nicholas Chambers
Peterhouse Capital Limited (Joint Broker) Tel: 020 7469
Heena Karani / Lucy Williams 0936
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END
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