LONDON (Alliance News) - ANGLE PLC said Wednesday it has signed a deal with the University of Manchester and raised GBP10.2 million in a placing to further develop and drive sales of its liquid biopsy system Parsortix.
ANGLE has signed a deal with the university, acting through the Cancer Research UK Manchester Institute, to incorporate Parsortix into its Clinical and Experimental Pharmacology group for routine use in clinical trial and research.
Using the Parsortix system in this way is a key part of ANGLE's plan to commercialise it, the company said.
"This contract meets a key milestone for ANGLE to get the Parsortix system adopted in routine use for clinical trials by the Cancer Research UK Manchester Institute. This will not only generate ongoing revenues for the company but also act as a key reference for other clinical trial customers," said Founder and Chief Executive Andrew Newland in a statement.
ANGLE has raised GBP10.2 million through the placing of 15.8 million shares at 64.50 pence per share with new and existing institutional investors.
Shares in ANGLE were up 1.2% at 65.28 pence Wednesday morning.
It plans to use the proceeds for further clinical studies of Parsortix in ovarian, prostate and breast cancer, as well as driving sales of the system by investing in sales and marketing, research and development and key opinion leader projects.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Angle (AGL)