GUILDFORD, England, Jan. 28, 2016 /PRNewswire/ -- ANGLE plc (AIM: AGL and OTCQX: ANPCY), the specialist medtech company, today announces its unaudited interim financial results for the six months ended 31 October 2015. The Company is focused on commercialising its patented ParsortixTM liquid biopsy system which has the potential to transform a wide range of cancer treatments by making it possible to capture intact tumour cells from patient blood for analysis at any stage of the diagnosis and treatment process.
- Significant progress against key commercial objectives
- Sales: pipeline established and first sales for research use secured post period end
- FDA: active dialogue and progress with FDA authorisation; three leading US cancer centres selected to complete clinical validation
- Ovarian cancer clinical application: clinical study protocols finalised and three leading European cancer centres in the process of initiating studies
- Key Opinion Leaders at prominent cancer centres continue to investigate additional potential clinical applications for Parsortix notably
- Prostate cancer (Barts Cancer Institute)
- Breast cancer (University of Southern California)
- Lung cancer (Cancer Research UK Manchester)
- First peer-reviewed paper on the application of Parsortix published in PLOS ONE Public Library of Science
- Two further peer-reviewed publications released post period-end adding to the growing body of published evidence supporting the Parsortix performance
- Patent portfolio strengthened
- Additional patents granted in Canada, China and Australia to add to the two existing granted U.S. patents
- World-leading CTC experts, Jim Reuben (MD Anderson Cancer Center) and Daniel Danila (Memorial Sloan Kettering Cancer Center), join Scientific Advisory Board
- Planned product development and commercialisation activities resulted in a reported loss for the six months ended 31 October 2015 of £2.3 million (H1 2015: loss £1.6 million)
- Cash balance at 31 October 2015 of £5.8 million (30 April 2015: £8.4 million). Cash received of £0.7 million post period end following the release of the full escrow from the sale of Geomerics
Garth Selvey, Chairman, commented:
"We have made consistent progress in our strategy towards full commercialisation of the Company's Parsortix liquid biopsy system. We believe that the unique features of the patented Parsortix system have the potential to transform cancer treatment and we are well placed to participate in the global liquid biopsy market forecast to be US $14 billion per annum in the United States alone by 2025."
The full Interim Results are available on the ANGLE plc website
Please see http://www.angleplc.com/investor-information/regulatory-news-announcements/ for details and select Interim Results.
These Interim Results may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development and commercialisation strategies, the uncertainties related to regulatory clearance and the acceptance of the Group's products by customers.
For Frequently Used Terms, please see the Company's website on http://www.angleplc.com/the-parsortix-system/glossary/
Notes for editors
About ANGLE plc www.angleplc.com
ANGLE is a specialist medtech company commercialising a disruptive platform technology that can capture cells circulating in blood, such as cancer cells, even when they are as rare in number as one cell in one billion blood cells, and harvest the cells for analysis.
ANGLE's cell separation technology is called the ParsortixTM system and it enables a liquid biopsy (simple blood test) to be used to provide the cells of interest. Parsortix is the subject of granted patents in the United States, Canada, China and Australia and three extensive families of patents are being progressed worldwide. The system is based on a microfluidic device that captures cells based on a combination of their size and compressibility. The Parsortix system is established with strong positive evaluations from leading cancer research centres and is working with these cancer centres to demonstrate key applications. Parsortix has a CE Mark for Europe and FDA authorisation is in process for the United States.
The analysis of the cells that can be harvested from patient blood with ANGLE's Parsortix system has the potential to help deliver personalised cancer care offering profound improvements in clinical and health economic outcomes in the treatment and diagnosis of various forms of cancer.
The global increase in cancer to a 1 in 3 lifetime incidence is set to drive a multi $billion clinical market. The Parsortix system is designed to be compatible with existing major medtech analytical platforms and to act as a companion diagnostic for major pharma in helping to identify patients that will benefit from a particular drug and then monitoring the drug's effectiveness.
Now that the Parsortix system has been developed, ANGLE is focused on its commercialisation in the market. The product is on the market and being sold for research use and work is progressing towards approvals for clinical use to permit clinical sales of the system.
ANGLE is strongly focused on establishing the use of the Parsortix system in clinical practice. To achieve this, ANGLE has established formal collaborations with world-class cancer centres. These Key Opinion Leaders are working to identify applications with medical utility (clear benefit to patients), and to secure clinical data that demonstrates that utility in patient studies. ANGLE believes this is the optimal approach for unlocking the multi-billion dollar worldwide market available to the Company and its potential strategic partners. Details are available here http://www.angleplc.com/the-company/collaborators/
As well as cancer, the Parsortix technology has the potential for deployment with several other important cell types in the future.
ANGLE stock trades on the AIM market of the London Stock Exchange under the ticker symbol AGL and in New York on the OTC-QX under the ticker symbol ANPCY. For further information please visit: www.angleplc.com.
SOURCE ANGLE plc