Angle: Preliminary Results
Published: Jul 31, 2017
GUILDFORD, UNITED KINGDOM--(Marketwired - July 27, 2017) - ANGLE PLC (AIM: AGL) (OTCQX: ANPCY)
For Immediate Release 27 July 2017
("ANGLE" or "the Company")
Preliminary Results for the year ended 30 April 2017
FIRST LARGE SCALE PATIENT STUDIES WITH PARSORTIX COMPLETED
CLINICALLY SIGNIFICANT RESULTS IN OVARIAN CANCER
ANNOUNCED POST PERIOD END
ANGLE plc (AIM: AGL OTCQX: ANPCY), a world leading liquid biopsy company, today announces unaudited results for the year ended 30 April 2017.
- Successfully completed US and European studies evaluating over 400 patients for detection of ovarian cancer in women with a high risk pelvic mass
- Reported positive results post period end: preliminary analyses indicated the potential for a Parsortix-based test to significantly out-perform current standard of care in discriminating between benign and malignant pelvic masses
- University of Texas MD Anderson Cancer Center selected to lead 400 subject study focused in metastatic breast cancer (MBC) to support FDA clearance of Parsortix system; results expected in H1 2018
- Barts Cancer Institute's prostate cancer studies showed rare cells harvested using the Parsortix system were linked to cancer metastasis and patient survival
- Increase in research use of Parsortix system by a wide range of leading cancer centres:
- Installed base of over 145 Parsortix instruments deployed worldwide (2016: 85) with over 30,000 blood separations completed (2016: 15,000)
- Cancer Research UK Manchester Institute selected Parsortix for routine use in clinical studies
- Parsortix accepted into the European CANCER ID programme
- Growing body of published evidence from internationally-recognised cancer centres help to validate the potential for Parsortix as a leading liquid biopsy solution
- Revenues increased to £ 0.5 million (2016: £ 0.4 million)
- Loss for the year £ 6.4 million (2016: loss £ 5.1 million) reflecting planned investment to advance clinical evidence through patient studies, FDA regulatory clearance and investment in marketing to drive adoption of Parsortix in research institutions
- Successful fundraising from major institutional investors raising £ 10.2 million (£ 9.6 million net of expenses)
- Cash balance at 30 April 2017 of £ 5.5 million (30 April 2016: £ 3.8 million)
Garth Selvey, Non-Executive Chairman of ANGLE plc, commented:
"ANGLE has made significant progress in its strategy towards commercialisation of Parsortix. Importantly, it recently announced positive results from two independent studies (c. 200 patients each) that highlighted the potential of the Parsortix system to facilitate the detection of ovarian cancer pre-surgery in women with high risk pelvic masses. Following optimisation of the Parsortix-based pelvic mass assay, the Company will validate the assay in a further, appropriately powered clinical validation study, with the goal of achieving regulatory clearance and subsequent commercialisation of this assay in Europe and the US.
Work on the pivotal clinical study in metastatic breast cancer is ongoing, with study results expected in H1 2018. The primary goal is to generate data that will support an FDA submission for use of the Parsortix system in harvesting cancer cells from metastatic breast cancer patients for subsequent evaluation.
With its differentiated competitive position, the growing body of clinical evidence and increasing research use, ANGLE is consolidating its position as a leading player in liquid biopsy; a potential multi-billion dollar market that is expected to revolutionise cancer care."
Details of webcast
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For further information:
ANGLE plc 01483 343434 Andrew Newland, Chief Executive Ian Griffiths, Finance Director Cenkos Securities 020 7397 8900 Stephen Keys (Nominated adviser), Steve Cox Russell Kerr (Sales) WG Partners 020 3705 9330 David Wilson Claes Spång FTI Consulting Simon Conway, Mo Noonan, Stephanie Cuthbert 020 3727 1000 Kimberley Ha (US) 001 212 850 5612