Edison Issues ADR Update on Angle

Feb 25, 2016, 06:00 ET from Edison Investment Research

LONDON, February 25, 2016 /PRNewswire/ --

Angle has achieved a significant milestone in commercializing its proprietary cell separation system, Parsortix, with first research use sales announced in December. Important development news from its H116 results included Angle's decision to seek FDA approval for Parsortix in breast cancer, which adds the potential for a second major clinical application, and further positive key opinion leader (KOL) evaluations of Parsortix with a third peer-reviewed article accepted for publication. Our DCF-based valuation is largely unchanged at $133m.

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Our valuation 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 at this stage. Our underlying assumptions for the DCF model are unchanged following the H116 results. Angle's lower net cash position is offset by rolling the model forward in time; therefore, our valuation is largely unchanged at $133m or $22.6/ADS (vs $145m or $24.6/ADS, difference driven largely by exchange rate).

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SOURCE Edison Investment Research