By Joe Hoppe
Braveheart Investment Group PLC shares fell Tuesday after it said that portfolio company Phasefocus Holdings Ltd.’s 2022 sales were lower than forecast.
Shares at 0816 GMT were down 1.75 pence, or 18% at 7.75 pence.
The London-listed investment company–which holds 44.69% of Phasefocus–said that since its interim results in October, Phasefocus has increased its stock holding of critical components to provide customers with shorter lead times. However, due to the loss of Cytena as lead distributor, sales in 2022 missed forecasts.
Phasefocus is now marketing and selling in the E.U. and U.S. directly and has already developed a promising pipeline of sales, Braveheart said. The company said it remains optimistic about Phasefocus’s future prospects and intends to participate in a proposed further funding round of 300,000 pounds ($365,550).
Braveheart also said that wholly-owned portfolio company Paraytec Ltd.’s clinical study to develop rapid tests continues to recruit participants, running alongside the Sheffield Teaching Hospitals National Health Service Foundation Trust existing drive-through coronavirus test service. However, the program has recently experienced further delays due to a shortage of available NHS staff to collect additional swab specimens for analysis, and initial test results are now expected in February.
“The commercial justification for the second phase, a longitudinal study, will then be determined after consideration of the prevailing coronavirus test market,” Braveheart said.
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