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LONDON (Alliance News) - Angle PLC on Thursday reported a widened interim loss on an increase operating costs.
In the six months to October 31, the tumour cell researcher said its pretax loss widened to GBP5.0 million from GBP4.1 million in the same period a year before.
Angle's revenue increased 45% to GBP273,000 from GBP188,000.
The company's operating costs increased 26% to GBP5.3 million from GBP4.2 million.
"The first half of the year has been one of continued progress by Angle, and we look forward to completing our FDA clinical and analytical studies in metastatic breast cancer in the US in the first quarter of calendar year 2019 with only 31 more subjects to recruit," said Char Garth Selvey.
Planned investment in developing the clinical application and commercial use of Parsortix and HyCEAD Ziplex were attributed for the increased operating costs.
Selvey continued: "Significant progress has also been achieved in the optimisation of our recently acquired HyCEAD Ziplex platform for downstream analysis in preparation for our ovarian cancer clinical verification study. Our ability to build on these opportunities was enhanced by a successful placing of shares that further strengthened our financial position."
"Angle has strong competitive differentiation and is well positioned to become a major player in the growing liquid biopsy market, providing unique patent protected technologies with the capability to transform cancer patient care by improving patient outcomes and reducing healthcare costs."
Shares in Angle were down 5.8% Thursday at 59.35 pence each.
