Paraytec, a York-based company which designs and manufactures ultraviolet imaging detectors, is planning to raise £4 million of equity funding.
The company aims to use the funds to further development, regulatory approval and commercialisation or its urine test for the detection and monitoring of bladder cancer.
Braveheart Investment Group holds a 42% holding in Paraytec’s current share capital. The AIM-listed fund management and strategic investor group said that it won’t be participating in the equity fundraising, giving the level of its existing shareholding.
“Paraytec’s bladder cancer test shows excellent results in the laboratory and, once clinical trials are successfully completed, it will address a significant clinical need for a simple and non-invasive test for detecting and monitoring bladder cancer,” said Braveheart’s CEo Trevir Brown.
“The funds will be used to complete the development programme and conduct the clinical study required to obtain the necessary regulatory approvals and commercialise the test.”