Angle founder and CEO steps down after shareholder backlash

(Sharecast News) - Liquid biopsy company Angle has announced the resignations of its chief executive and finance director "following feedback and discussions with a significant shareholder".

The firm, which is focused on circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, said on Friday that CEO and founder Andrew Newland, who started the company in 1994, has agreed to step down.

He will depart along with CFO Ian Griffiths, who has been at Angle since 1995.

"They remain committed and supportive of the company and intend to support the Company with an orderly handover," the company said in a short statement.

Angle's board, which now comprises just two members - non-executive chair Jan Groen and non-executive director Joseph Eid - will be expanded "in due course", the company said.

The development follows a 67% drop in Angle's share price since the start of the year and comes just three days after interim results showed a 20% drop in revenues and a 21% increase in losses in the first half.