TIDMAGL
RNS Number : 8326T
Angle PLC
23 July 2015
23 July 2015
ANGLE plc
("ANGLE" or "the Company")
Preliminary Results for the year ended 30 April 2015
HIGHLY ENCOURAGING PATIENT RESULTS IN OVARIAN CANCER
ANGLE plc (AIM: AGL OTCQX: ANPCY), the specialist medtech
company with pioneering products for cancer diagnostics, today
announces audited preliminary results for the year ended 30 April
2015.
Highlights
-- First clinical application for Parsortix cell separation
system determined in ovarian cancer following compelling 65-patient
study published by the Medical University of Vienna demonstrating
high sensitivity and specificity in detecting ovarian cancer and
certain other women's cancers
-- Key Opinion Leader platform strengthened with the addition of
six further world-class cancer centres making a total of nine Key
Opinion Leaders
-- Uniformly positive results published by five Key Opinion
Leaders of performance of Parsortix system
-- Initiation of first two corporate collaborations
-- Commercial strategy on track with first sales for research
use to commence in the current financial year
-- Intellectual property further enhanced; second US patent
granted and patents granted in China and Australia
-- Continuing investment to advance and drive adoption of Parsortix
- Financial position strengthened following successful
fundraising of GBP8.2 million net of expenses
- Loss from continuing operations of GBP3.9 million (2014:
GBP2.2 million) reflecting planned investment
- Cash balance at 30 April 2015 of GBP8.4 million (30 April 2014: GBP3.9 million)
Post year end highlights
-- Prostate cancer 52-patient study published by Barts Cancer
Institute indicating capture of cancer cells from Parsortix liquid
biopsy in 100% of patients
-- Eminent scientific advisors, Jim Reuben from MD Anderson
Cancer Center and Daniel Danila from Memorial Sloan Kettering
Cancer Center join Scientific Advisory Board
Garth Selvey, Chairman, commented:
"We have made strong progress advancing our strategy this year
through the validation of the Parsortix cell separation system by
world class cancer centres. We have identified ovarian cancer for
the first clinical application for the Parsortix system following a
successful patient study with the Medical University of Vienna
which demonstrated Parsortix's potential to identify ovarian cancer
with high sensitivity and specificity where traditional techniques
fail. In the coming year, we are well funded to focus on the
development of research use sales, and advance a large scale study
in ovarian cancer to establish Parsortix as a diagnostic tool to
enable clinicians to choose the most appropriate treatment thereby
improving patient outcomes."
Details of webcast
Please see
http://www.angleplc.com/investor-information/investor-centre/ for
details.
For further information:
ANGLE plc 01483 685830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Cenkos Securities
Stephen Keys, Dr Christopher Golden
(Nominated adviser)
Russell Kerr, Olly Baxendale (Sales) 020 7397 8900
FTI Consulting
Simon Conway, Mo Noonan 020 3727 1000
Kimberly Ha (US) 001 212 850 5612
These Preliminary 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.
CHAIRMAN' S STATEMENT
Introduction
ANGLE made solid progress during the year, laying the
foundations to support the future growth of the Company. It secured
positive evaluations from its growing network of Key Opinion
Leaders from world-class cancer centres, providing further evidence
to support the use of the technology in cancer diagnosis and,
following a successful patient study, determined the first clinical
application for its Parsortix system in ovarian cancer. The Company
has also attracted additional scientific advisors for its
Scientific Advisory Board, established corporate collaborations and
is set to secure first sales in the research market for
Parsortix.
Results
ANGLE has completed its transformation to a specialist medtech
company focused exclusively on its innovative Parsortix system
providing cells for precision medicine from a simple blood test - a
repeatable, non-invasive liquid biopsy. Previous activities in
relation to Management services, Geomerics and, subsequent to the
year end, Novocellus have been discontinued.
As planned, investment in additional studies to validate the
clinical application and commercial use of Parsortix was increased,
resulting in operating costs of GBP3.9 million (2014: GBP2.2
million).
The loss for the year from continuing operations correspondingly
increased to GBP3.9 million (2014: GBP2.2 million).
Following a successful fundraising during the year raising
GBP8.2 million net of costs, the cash balance was GBP8.4 million at
30 April 2015 (30 April 2014: GBP3.9 million).
Expansion of Key Opinion Leader platform
The Parsortix cell separation system is a platform technology
that can be applied across multiple cancer indications. The system
captures and harvests very rare, clinically relevant circulating
tumour cells (CTCs) from patients' blood, enabling accurate
diagnosis and the potential for use in precision medicine.
Endorsement of the Parsortix system by Key Opinion Leaders from
world leading cancer research centres is crucial in identifying and
proving clinical applications, and providing validation and
credentials for potential customers.
To ensure that we garner this important endorsement across key
territories and disease indications, we have established a robust
core platform of Key Opinion Leaders to support the adoption of
Parsortix. During the year we added six world class cancer centres
to the platform in the UK, Europe and the United States making a
total of nine Key Opinion Leaders working with the Parsortix
system. The new Key Opinion Leaders are:
-- Barts Cancer Institute, Queen Mary University of London (BCI)
-- University Medical Center Hamburg-Eppendorf (Hamburg)
-- University of Texas MD Anderson Cancer Center (MD Anderson)
-- Medical University of Vienna (Vienna)
-- University of Southern California Norris Comprehensive Cancer Center (USC)
-- Sidney Kimmel Cancer Center at Thomas Jefferson University (TJU)
Our Key Opinion Leader platform is evaluating the adoption of
the Parsortix system in multiple different cancer types including
ovarian, prostate, breast, lung, colorectal and pancreatic cancers
and is providing evidence to support the further development of the
technology into new indications.
Five Key Opinion Leaders reported uniformly positive results
from their evaluation of the Parsortix system capability to harvest
cancer cells from patient blood as a liquid biopsy. Key
differentiating benefits of the Parsortix system were identified,
including:
-- Ease of use
-- Epitope independence i.e. does not use antibodies and harvests all types of cancer cells
-- Easy harvest of viable cells allowing a wide range of molecular analysis
-- High purity of harvested cells i.e. low residual white blood cell contamination
-- High sensitivity and specificity
-- Cost efficiency
In line with our strategy, the third party evaluation phase is
now complete and the focus of our work with Key Opinion Leaders has
moved to "translational research" that identifies potential
indications where the system can be used to benefit patients.
Ovarian cancer determined as first clinical application
Major progress was achieved during the year as the Medical
University of Vienna published patient study results demonstrating
high sensitivity and specificity of the Parsortix system in
detecting ovarian cancer and certain other women's cancers.
The study evaluated a total of 65 patients, comprising 42 cancer
patients and 23 healthy normal volunteers. The cancer patients
consisted of 24 ovarian cancer, 6 cervical cancer, 5 endometrial
cancer and 7 breast cancer cases.
Currently the only way to diagnose ovarian cancer definitively
is invasively through surgical investigation by means of a biopsy.
Consequently there is no way to know in advance of surgery whether
an abnormal pelvic mass identified by ultrasound or CT-scan is
likely to be benign or malignant and thus determine the appropriate
course of action. If the mass is found to be malignant, a
specialist oncological surgeon is required for an operation
frequently lasting more than five hours and the patient will
subsequently need intensive care. However, if the mass is benign,
the surgery is relatively straight forward and can be handled by a
general surgeon.
In the United States alone, an estimated 200,000 women have
operations to remove abnormal pelvic masses each year and of these
an estimated 21,000 have ovarian cancer.
The clinical application of Parsortix would be a simple blood
test prior to surgery to triage the patients between high and low
risk of ovarian cancer so that they can receive appropriate
treatment. Such a blood test would not only improve patient care
but would also reduce healthcare costs by targeting necessary
resources to those patients at high risk.
Angle (LSE:AGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Angle (LSE:AGL)
Historical Stock Chart
From Apr 2023 to Apr 2024
