Edison Issues ADR Research Update on Angle

Nov 18, 2015, 11:30 ET from Edison Investment Research

LONDON, November 18, 2015 /PRNewswire/ --

Angle's proprietary cell separation system, Parsortix, can be used to capture and harvest circulating tumour cells from blood, enabling a liquid biopsy. In the near term, Parsortix is being evaluated for use in the pre-surgery triaging of ovarian masses, with a clinical study expected to commence in Q415. H215 has seen positive evaluations of Parsortix in lung, prostate and breast cancer, supporting its potential utility in the multi-billion dollar cancer care market. We value Angle at $145m.

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Our three-phase DCF valuation has increased to $145m or $24.6/ADS (vs $143m or $24/ADS) due to rolling the model forward in time and updating FX. This is based on sales of Parsortix for use in research and clinical sales for the pre-surgery triaging of ovarian masses, with no contribution from other potential applications or the technology platform; our underlying assumptions are unchanged.

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