Fundraising will help York-based Paraytec develop an instrument to help contain spread of Covid-19

Braveheart Investment Group has announced a placing of new ordinary shares raising gross proceeds of £2.5m before expenses to support the growth of York-based Paraytec, which develops high-performance detectors for the analytical and life sciences instrumentation market.

Braveheart owns 100% of the issued share capital in Paraytec and also provides significant management resource to the company

The placing shares will represent approximately 26.59 per cent of the enlarged issued share capital of the company, Braveheart said.

Trevor Brown, Braveheart CEO, commented: "We are delighted to have been able to raise this extra funding which will enable Paraytec to pursue its new strategy."

In a statement, Braveheart said: "The company intends to use the net proceeds (£2,415,850) of the placing to enable it to accelerate the development of Paraytec's Covid testing instrument by taking direct control of the final design and engineering packages.

"In parallel, partners will continue to be sought by Paraytec for licensing and development and/or potential sale. The board believes this strategy should enable Paraytec to deliver a finished product to market directly if it fails to find a satisfactory deal with a third party."

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