Investment update - Paraytec Limited
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Braveheart Investment Group (AIM: BRH), provides the following update on Paraytec Limited ("Paraytec"), a company within its investment portfolio. Paraytec develops high performance specialist detectors for the analytical and life sciences instrumentation markets.
Paraytec has informed Braveheart that it has secured its first commercial sales contract for the CX300 Optical Particle detector instrument (the "CX300 instrument"), to Nottingham Trent University ("NTU"). The instrument will be installed in the "EX-Cell group" at NTU, led by Prof Elisabetta Verderio Edwards, who's work focuses on the role of extracellular factors in cell survival in conditions of neurodegeneration and tissue repair. The CX300 instrument will be used to further their Alzheimer's, Dementia and Parkinson's research at NTU.
The Directors of Paraytec believe that this sale of the CX300 instrument could be the first of many to UK and European research laboratories.
Trevor Brown, CEO of Braveheart, commented:
"This sales contract with NTU is the first commercial sale of the CX300 instrument by Paraytec, justifying our investment in the company and its development in the CX300 instrument, as well as Paraytec's continuing commitment to innovation."
Braveheart holds a 100% equity interest in Paraytec. In addition, Braveheart has provided unsecured interest free loans to Paraytec totalling £1,155,200 as at 31 March 2023.
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