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(Alliance News) - Shares in Angle PLC jumped on Friday, after the company said it has been chosen to develop a prostate cancer assay using its Parsortix technology, opening the door for future clinical study-supporting contracts.
The Guildford, England-based liquid biopsy company, which specialises in circulating tumour cell solutions for use in drug development and clinical oncology, has signed a supplier agreement with Cambridge-based AstraZeneca PLC.
Shares in Angle were up 13% at 15.60 pence each in London on Friday morning.
Under the terms of the agreement, worth GBP550,000 to Angle, the company will develop an androgen-receptor assay, using its CTC Parsortix technology, for use in prostate cancer studies.
Development will take place in the Angle's UK laboratories, and completion of the project is expected in the first quarter of 2025.
"A successful development phase will demonstrate the importance of the Parsortix system in assessing the efficacy of prostate cancer therapeutics and offers the potential for long-term, ongoing business for the company supporting clinical studies," Angle said.
Chief Executive Officer Andrew Newland said: "This is further validation of Angle's Parsortix system which shows potential for long-term large-scale revenues in bringing innovative new cancer drugs to the market. We anticipate that success in this first phase of assay development may lead to much larger contracts for use of the assay in clinical trials".
By Hugh Cameron, Alliance News reporter
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