News Column

ANGLE Makes Further Progress On Parsortix As Losses Widen

July 23, 2014

Hana Stewart-Smith

LONDON (Alliance News) - ANGLE PLC said Wednesday that it had continued to make progress in bringing its Parsortix system to commercialisation as it posted a widened pretax loss for the year to the end of April.

The medical diagnostics company posted a pretax loss of GBP1.2 million, widened from a loss of GBP1.0 million in the previous year, as revenue declined to GBP801,000 from GBP969,000 and it posted higher operating costs to invest in Parsortix.

ANGLE said it had made significant progress with the commercialisation of Parsortix during the year, and is now focused on establishing its use in clinical practice.

Parsortix is used to capture circulating tumour cells from cancer patient blood for mutational analysis, using a simple blood test to capture the cancer cells for analysis.

During the year the company sold its video game lighting company Geomerics business to ARM Holdings PLC for up to GBP6.2 million, which strengthened its balance sheet, and slimmed its focus to primarily specialist medical technology.

It continued to bolster its patent portfolio covering Parsortix during he year, filing new submissions which would provide further patent coverage to late 2033. Its current US patent provides cover until 2026.

ANGLE will need regulatory authorisation before Parsortix can be sold for use in the clinical market, although earlier sales can be made into the research market, it said. During the year ANGLE secured a CE mark for the use of the system as an in vitro diagnostic device in the EU.

The company made a submission to the US Food and Drug Administration in March for the clinical use of the system in the US.

On Tuesday the company said it had seen a positive evaluation of its Parsortix system by the University of Manchester's Clinical and Experimental Pharmacology group. The group was impressed by the performance of the system for a variety of uses, and said it is now planning to use the it in future clinical studies, said ANGLE.

Shares in Angle were trading up 0.6% at 76.95 pence Wednesday morning.

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Source: Alliance News

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