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LONDON (Alliance News) - ANGLE PLC Tuesday said it has secured its first commercial sales for the Parsortix system, with revenue from the medical research tool expected to be initially modest as it grows over time.
The Parsortix system is the specialist medtech company's flagship product that uses patented micro-fluidic technology in the form of a disposable cassette to capture and harvest circulating tumour cells from blood. The major benefit of the system compared to alternatives is that it can capture cells, such as cancer cells, even when they are rare in number - providing huge benefits to clients conducting research, according to ANGLE.
On Tuesday, ANGLE said it has secured its first commercial sales for the system from clients wishing to use it for research purposes. It did not provide details about the customers or the revenue derived from the sales.
However, the company believes the addressable market for the system to be used for research is worth around GBP250.0 million per year. ANGLE said it hopes to achieve a "gradual growth" in revenue from that segment, with revenue to be initially "modest" but "grow over time", it said.
ANGLE will start by targeting cancer research facilities, but also said initial sales will broaden the system's usefulness as more researchers investigate new clinical applications for the system to tackle different cancer types.
One area that the Parsortix system could diversify into is diagnostics, assisting users to determine whether a cancer drug is benefiting a patient. ANGLE said widespread use of the system in research is therefore important to grow the overall market, as well as making the system economically beneficial in its own right.
ANGLE shares were trading up 1.3% to 72.40 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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