TIDMAGL
RNS Number : 2315Z
Angle PLC
25 May 2016
ANGLE plc
("ANGLE" or "the Company")
PLACING TO RAISE GBP10.2 MILLION
Progressing new clinical applications in prostate and breast
cancers
ANGLE plc (AIM: AGL and OTCQX: ANPCY), the specialist medtech
company, is pleased to announce a placing (the "Placing") of
15,815,436 new Ordinary Shares (the "Placing Shares") to raise
gross proceeds of GBP10.2 million at a price of 64.50 pence per
Ordinary Share (the "Issue Price").
The Company is focused on commercialising its patented
Parsortix(TM) liquid biopsy system which the Directors believe has
the potential to transform the diagnosis and treatment of cancer by
making it possible to harvest intact cancer cells from patient
blood for analysis.
The Placing
The Company has raised GBP10.2 million (GBP9.6 million net of
expenses) by way of a Placing with new and existing institutional
investors, including three new major institutional investors.
Use of proceeds and rationale for the Placing
The net proceeds of the Placing will be used for the following
purposes:
-- Clinical studies to demonstrate utility of the Parsortix system in:
- ovarian cancer studies in the United States
- prostate cancer liquid biopsy alternative to prostate biopsy
- breast cancer liquid biopsy alternative to invasive metastatic breast cancer biopsy
-- Driving Parsortix system sales through adoption in research-use setting by investing in:
- sales & marketing
- research & development
- key opinion leader projects
-- General working capital requirements and strengthening the Company's balance sheet.
The Directors believe that the Placing will enable ANGLE to
build on the growing body of third party evidence on Parsortix
performance and, in particular, compelling initial data that key
opinion leaders have generated in:
-- Prostate cancer (Barts Cancer Institute - announced via RNS on 21 March 2016); and
-- Breast cancer (University of Southern California - announced via RNS on 18 April 2016).
The Directors believe these new clinical applications, and the
existing ovarian cancer application, cannot be addressed by
competing systems using ctDNA (fragments of DNA from dead cancer
cells) as the applications utilise RNA analysis and/or live whole
cells.
The Company's existing key areas of development are:
-- Research use sales, which have been building since first
sales were announced via RNS on 15 December 2015;
-- Ovarian cancer clinical application to detect ovarian cancer
in high risk patients as announced via RNS on 28 September 2015 -
the Placing will allow additional studies to be undertaken in the
United States; and
-- FDA authorisation of the Parsortix system.
Following the Placing, the Directors believe that the Company is
well positioned to realise the exceptional business potential that
the Parsortix system offers.
Current trading and prospects
The Company released its results for the 6 months ended 31
October 2015 on 28 January 2016 and these are available on the
Company's website at www.angleplc.com. Since 1 November 2015, the
Company has continued to trade in line with Directors' expectations
with revenues expected to be within the range of analysts'
forecasts for the 12 months to 30 April 2016. Together with the net
proceeds of the Placing, the Company's cash resources on Admission
will be approximately GBP13.1 million.
The pipeline for research use sales continues to build and, as
separately announced today, Cancer Research UK Manchester Institute
is adopting Parsortix for routine use in clinical trials and has
developed "banking" protocols allowing retrospective analysis. This
will generate ongoing revenues for the Company as well as being a
key reference for other clinical trial customers.
Dealings and settlement on AIM
The Placing Shares have been allotted, conditional on admission
to trading on AIM ("Admission"), fully paid and rank pari passu
with the existing Ordinary Shares, including the right to receive,
in full, all dividends and other distributions thereafter declared,
made or paid after the date of issue together with all rights
attaching to them and free from all liens, charges and encumbrances
of any kind. Application will be made to the London Stock Exchange
for the Placing Shares to be admitted to trading on AIM. Admission
of the Placing Shares is expected to occur at 8.00 a.m. on 31 May
2016.
Total voting rights
Following Admission there will be 74,793,774 Ordinary Shares in
issue. This number may be used by shareholders as the denominator
for the calculation by which they will determine if they are
required to notify their interest in, or a change in their interest
in, the Company under the FCA's Disclosure and Transparency
Rules.
ANGLE's Founder and Chief Executive, Andrew Newland,
commented:
"We are delighted to have secured such strong institutional
investor support as we seek to build a substantial business in the
emerging multi-billion dollar liquid biopsy market. The Placing
comes after recent excellent results in prostate and breast cancer
and enables the Company to develop applications in these areas,
which could potentially transform the detection and treatment of
these diseases."
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
WG Partners
David Wilson
Claes SpÄng 020 3705 9330
FTI Consulting
Simon Conway, Mo Noonan,
Stephanie Cuthbert 020 3727 1000
Kimberley Ha (US) 001 212 850 5612
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 Parsortix(TM)
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 Europe, 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 live cells based on a combination of their size and
compressibility. Parsortix has a CE Mark for Europe and FDA
authorisation is in process for the United States.
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. Details are available here
http://www.angleplc.com/the-company/collaborators/
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 dollar 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.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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