Operational Highlights
Parsortix Cancer Diagnostics – gaining momentum
- During the year, ANGLE’s 80% subsidiary Parsortix deployed its cell separation device, already proven for foetal cells, to capture cancer cells in blood. Successful initial findings were announced on 28 June 2011.
- Fundraising of £1.25 million announced on 15 July 2011 provides funding to validate the initial findings and progress development of the separation device. If successful, the Directors believe that ANGLE will have a major opportunity to develop a patent protected cancer diagnostic device for the capture of circulating tumour cells in cancer patients, which will address a key medical requirement.
Other portfolio companies
The Group’s other portfolio companies offer the potential for substantial cash returns for ANGLE through trade sale, licence revenue and other income but with ANGLE’s ongoing investment commitment being minimal.
- Acolyte Biomedica: deferred consideration due in respect of the sale of the investment. The court case between the former major Acolyte shareholder and the purchaser is now in progress. Dependent on the outcome, there is the potential for ANGLE to pursue its own claim against the purchaser.
- Geomerics (33%) (computer games middleware and computer graphics): strong progress during the year including a corporate partnership with one of the world’s leading technology companies, and completing two of the three related milestones. The deal included investment of up to £2.3 million into Geomerics. Strong sales with seven new titles for three major publishers in the first quarter and, subsequent to the year-end, an agreement with Epic Games Inc that its Enlighten lighting solution would be integrated with Epic’s award winning computer games development platform Unreal Engine 3. Potential for a trade sale in the future.
- NeuroTargets (65%) (neuropathic pain, Alzheimer’s and multiple sclerosis): Licence to University of Bristol and their associated funding in relation to neuropathic pain not proceeding because of observed side effects. New galanin targets are being sought. Ongoing research and development work during the year undertaken by the University of Bristol in relation to multiple sclerosis (MS) and Alzheimer’s Disease (AD). Patent granted in Australia in relation to the use of galanin molecules for the treatment of MS and AD with applications in other territories ongoing. Long term potential that requires partnering.
- Novocellus (82%) (IVF embryo viability), being developed by corporate partner Origio, a leading supplier of IVF culture medium. Progress has been somewhat slower than had been hoped and the expected date for the first trial results is now the end of Q1 2012. offers the potential for increased pregnancy success rates in IVF and reduced health risks.?Novocellus’ product EmbryoSure Potential for milestone payments and royalty income in the future.
Management services
- Revenue £2.4 million (2010: £2.4 million).
- Profit before tax £0.3 million (2010: £0.2 million).
- Continues to face challenges with pressure on UK Government contracts and uncertainties in the Middle East.
Financial Highlights
- Fair value gain £0.2 million (2010: £0.6 million).
- Profit before controlled investments and tax £0.1 million (2010: £0.3 million).
- Loss before tax from continuing operations £0.3 million (2010: profit £0.1 million).
- Operating costs to manage and develop the Ventures portfolio reduced to £0.4 million (2010: £0.5 million).
- Planned expenditure on controlled investments maintained at £0.3 million (2010: £0.3 million) with most of the expenditure relating to Parsortix during the year.
- Fair value of investment portfolio £3.9 million (30 April 2010 £3.7 million). This fair value does not include the value of controlled investments (NeuroTargets, Novocellus, Parsortix).
- Cash balance at 30 April 2011 increased to £0.6 million (30 April 2010: normalised £0.5 million).
- Fundraising completed during the year of £0.76 million. Further fundraising of £1.25 million announced on 15 July 2011.
Garth Selvey, Chairman, commented:
“Our work with Parsortix has identified a major new opportunity. The remainder of the portfolio has been structured so that returns can be achieved without significant financial input from ANGLE. Consequently, the recent fundraising, which has further strengthened the balance sheet, can be applied principally in support of Parsortix and this will be a major focus of our efforts.”
Enquiries:
ANGLE plc 01483 685830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Collins Stewart Europe Limited
Matt Goode
0207 523 8325
Buchanan
Lisa Baderoon, Catherine Breen
020 7466 5000
Scott Harris
Stephen Scott, James O'Shaughnessy, Harry Dee
0207 653 0030
