Business
Holding in Phasefocus increased and other matters
Holding in Phasefocus increased and other matters.
About this update from Truetide Plc
[{"type":"text","content":"\n \n \n RNS Number : 5480N\n Braveheart Investment Group plc\n 21 May 2020\n \n \n \n 21 May 2020\n Braveheart Investment Group plc\n (\"Braveheart\" or the \"Group\")\n \n Holding in Phasefocus increased and operational update on Paraytec\n 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\").\n \n Phasefocus\n 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 £203,000, 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.\n \n 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.\n \n Operational update on Paraytec\n The Nexus Project\n 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 (\"µSEC\") and is now the subject of a number of patent applications being prepared by Paraytec.\n 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.\n 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 ...