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(Alliance News) - Angle PLC on Wednesday said it has secured further business with its "first large scale pharma services" customer.
The Surrey, England-based medical diagnostics company expects the additional contract to be worth up to USD1.2 million over a "multi-year period".
The customer, which Angle didn't name, is a pharmaceutical company developing numerous cancer drugs, with annual revenue over USD1 billion, it said. The customer will use Angle's Parasortix system in longitudinal monitoring of patients with unresectable solid tumours in a phase IB immunoncology trial.
Parasortix isolates circulating tumour cells from the blood which can aid in the diagnosis, characterisation and monitoring of cancer. In late May, it received approval from the US Food & Drug Administration for use in metastatic breast cancer patients.
Angle anticipates that if the trial is successful, the contract could progress to phase II studies and much larger phase III studies.
"The additional contract from our first large-scale pharma customer, as well as ongoing discussions with multiple potential new customers, validates Angle's belief that longitudinal monitoring of CTCs is a highly attractive proposition for the pharma industry looking for new insights in cancer drug trials," said Chief Executive Officer Andrew Newland.
Shares in Angle were down 0.8% at 92.25 pence each in London on Wednesday morning.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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