Braveheart Investment Group PLC on Tuesday said that Phasefocus Holdings Ltd increased its stock of critical components, while 2022 sales were lower than anticipated due to the loss of its Germany-based lead distributor.

Braveheart shares fell 19% to 7.67 pence each in London on Tuesday morning.

Braveheart is a Barnsley, South Yorkshire-based investor in small- and medium-sized businesses. It holds a 45% stake in Phasefocus.

Braveheart noted that sales of computational imaging and analysis techniques developer Phasefocus were dampened due to the loss of Freiburg, Germany-based Cytena as lead distributor.

Phasefocus is now focused on marketing and selling in the EU and US directly, in which it has developed a pipeline of sales enquiries, Braveheart added.

Braveheart said it remained optimistic of Phasefocus prospects, to participate in a further funding round of £300,000.

Meanwhile, at Braveheart’s wholly owned Paraytec Ltd, a programme with the University of Sheffield to develop rapid tests for identifying cancer and pathogens suffers ‘further delays’ due to NHS staff shortages in the UK.

Paraytec is a developer of high performance specialist detectors for the analytical and life sciences instrumentation market.

Paraytec clinical study test results are now expected in February, with the full analysis anticipated in April.

Braveheart said it ‘believes that the ability to demonstrate performance in a clinical setting will attract potential licensees and acquirers of Paraytec’s CX300 technology platform, for point-of-care and other applications. The company is also pursuing CE marking of the instrument for laboratory use.’

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