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LONDON (Alliance News) - Specialist medical technology company Angle PLC on Thursday reported a widened pretax loss for its first half as it continued to progress two major studies in ovarian cancer, and said it had seen a positive interim evaluation of the studies.
Angle said that early evaluation of data from both of the studies suggests that an assay utilising its Parsortix liquid biopsy system could accurately differentiate between women with a malignant pelvic mass and those with benign tumours.
For the half year to the end of October, the company reported a pretax loss of GBP2.7 million, widened from a pretax loss of GBP2.3 million the prior year, on revenue of GBP219,000, mostly as a result of higher operating costs. It did not post revenue the prior year.
Angle continued to commercialise Parsortix in the half, leading to revenue from sales of the system for research use.
Headline data from the full studies in ovarian cancer are expected to be available in the second quarter of 2017.
"The Parsortix system is now delivering early adoption revenues with increasing sales for research use. Our two major ovarian cancer studies are progressing towards completion by mid-year and data from the initial patient cohort is positive," said Chairman Garth Selvey in a statement.
"There is still much to do, but the goal remains to layer additional supportive scientific data from clinical studies incorporating Parsortix use on top of our hard-won reputation in the international research environment. This, we believe, is the gateway to competing effectively in a very large and growing liquid biopsy market," Selvey said.
Shares in Angle were up 3.9% at 50.11 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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