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LONDON (Alliance News) - ANGLE PLC said Thursday that it was focused on establishing widespread market adoption for its Parsortix cell separation system following marketing authorisation in Europe, as its pretax loss widened in the half-year ended October 31.
Parsortix is a cell separation technology that is used to identify circulating tumour cells in a cancer patients blood. Angle is seeking to get regulatory authorisation for clinical use of Parsortix in the US from the US Food and Drug Administration by the end of the third quarter of 2014.
The medical technology posted a pretax loss of GBP476,000, widened from GBP359,000 million in the previous year. This was due to increased investment in Parsortix, Angle said, which was GBP1.1 million.
Revenue was GBP414,000, down from GBP467,000 in the previous year. The company had a cash balance of GBP400,000 at October 31, down from GBP1.8 million in the previous year.
The company sold its video game lighting technology company Geomerics to ARM Holdings PLC in December for GBP6.2 million. The sale of this interest was part of ANGLE's efforts to focus primarily on specialist medical technology.
On January 13 the company signed an agreement to establish a laboratory facility at the University of Cambridge with the Medical Research Council's Cancer Unit.
ANGLE said the new facility will allow research teams from the Cancer Unit to have improved access to its Parsotix system, and explore its use in the diagnosis and treatment of several forms of cancer.
Shares in ANGLE were trading down 3.7% at 89.60 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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