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LONDON (Alliance News) - Liquid biopsy company ANGLE PLC said on Monday it has agreed to acquire the remaining shares in US subsidiary ANGLE North America Inc it does not own from Parsotix inventor Georgi Hvichia.
ANGLE will acquire 303,335 shares, reflecting a 9.5% stake in ANGLE North America, through the issue of 1.0 million shares at a price of 46.75 pence per share, or GBP467,500.
Shares in ANGLE were up 0.4% at 46.95 pence on Monday.
Following this transaction, ANGLE will fully own ANGLE North America, while Hvichia will hold 1.1 million shares in ANGLE, reflecting a 0.8% interest. In addition, ANGLE will now fully own all of its group companies.
"We are pleased to reach agreement with Georgi Hvichia, the original inventor of the Parsortix microfluidic technology, to acquire his remaining shareholding in our US operating subsidiary in exchange for ANGLE shares. Hvichia will remain involved through his new role as a scientific advisory board member," said Chief Executive Andrew Newland.
ANGLE will have 143.5 million shares issued overall following this transaction.
