LONDON (Alliance News) - ANGLE PLC Thursday posted a widened pretax loss for its recently ended financial year, as it continued to progress its Parsortix cell separation system towards commercialisation.
For the year to end-April the company posted a pretax loss of GBP3.9 million, widened from a pretax loss GBP2.2 million a year before, due to an increase in operating costs, as it increased investment in developing its key product Parsortix.
Parsortix is used to perform non-invasive liquid biopsies by capturing circulating tumour cells from a patients blood.
ANGLE is currently focusing on Parsortix for the potential identification of ovarian cancer after a patient study with the Medical University of Vienna. Following the year end a study into prostate cancer was published by Barts Cancer Institute, indicating the device captured cancer cells from 100% of patients.
The company said its commercial strategy for Parsortix is on track, with first sales of the product for research use to begin in its current financial year.
"In the coming year, we are well funded to focus on the development of research use sales, and advance a large scale study in ovarian cancer to establish Parsortix as a diagnostic tool to enable clinicians to choose the most appropriate treatment thereby improving patient outcomes," said Chairman Garth Selvey in a statement.
Shares in ANGLE are trading down 7.2% at 86.27 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Angle (AGL)