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ANGLE First Half Loss Widens As It Continues Parsortix Development

Thu, 28th Jan 2016 11:11

LONDON (Alliance News) - Specialist medtech company ANGLE PLC Thursday reported a widened pretax loss for its first half as it continued to develop its key cell separation technology Parsortix.

For the half year to end-October the company reported a pretax loss of GBP2.4 million, widened from a loss of GBP1.6 million a year before, as a result of higher operating costs. It did not produce revenue in either period.

The company is looking to secure regulatory authorisation in the US for Parsortix as a device to harvest circulating cancer cells from patient blood; as part of this aim it has appointed a full-time clinical studies director with US Food and Drug Administration experience to manage the authorisation process.

To help expedite this process, ANGLE will first pursue authorisation for Parsortix in metastatic breast cancer and ovarian cancer, with other cancer types to follow.

"We have made consistent progress in our strategy towards full commercialisation of the company's Parsortix liquid biopsy system. We believe that the unique features of the patented Parsortix system have the potential to transform cancer treatment and we are well placed to participate in the global liquid biopsy market forecast to be USD14 billion per annum in the United States alone by 2025," said Chairman Garth Selvey in a statement.

Shares in ANGLE were down 5.0% at 64.12 pence Thursday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews