Edison Issues ADR Update on Angle (ANPCY)

Aug 03, 2016, 06:30 ET from Edison Investment Research

LONDON, August 3, 2016 /PRNewswire/ --

Recent newsflow from Angle and the FY16 report released last week showed progress in developing and commercializing the liquid biopsy diagnostic system Parsortix. The R&D strategy is progressing, with the ovarian cancer trials recruiting first patients in the US and Europe and on track to deliver data around end-2016, while the first research use sales met our expectations and a new large client is on board. Our updated valuation of Angle is $171m (vs $136m previously).

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We have revised our valuation of Angle and now include metastatic breast cancer and prostate cancer applications in addition to our previous DCF-based valuation of Angle's core operations and ovarian cancer application. We calculate the two new applications add $20m to Angle's valuation. Following strong news flow in recent months, ramp-up of R&D activities and initial sales meeting our expectations, we increase our valuation to $171m (from $136m) or $23/ADR.

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SOURCE Edison Investment Research