Angle touts planned name and strategy change, Groen turns executive

(Alliance News) - Angle PLC shares fell on Wednesday, after it announced plans to rename itself CelLBxHealth PLC and "[pursue] a revised strategy", with Chair Jan Groen's role becoming executive.

The Guildford, England-based liquid biopsy company also said it expects to need further funding in the coming months.

Shares in Angle traded 14% lower at 2.37 pence in London on Wednesday afternoon.

In his new role as executive chair, Groen will lead Angle "as it pursues a revised strategy, focused on tight cost control, accelerated commercial progress and a clear plan towards becoming a sustainable business," it said.

Groen, who is also chief executive officer & chair at vaccine company Intravacc BV, joined Angle as a non-executive director in 2018 and was promoted to non-executive chair in May, 2023. He and Non-Executive Director Joseph Eid are currently the sole board, Andrew Newland and Ian Griffiths having in September stepped down as CEO and finance director respectively.

Also on Wednesday, Angle said that as part of the "revised strategy" it intends to change its name to CelLBxHealth PLC.

It expects the measure to become effective in mid-October, with its AIM ticker changing to CLBX.

"The new name reflects the company's sharpened focus on 'CTC intelligence', the provision of high-value [circulating tumour cell]-based precision diagnostic testing for the pharmaceutical services sector and the clinical diagnostics market," Angle said.

Explaining that 'CelLBx' is "short for circulating tumour cells obtained via liquid biopsy", Angle said the proposed new name "encapsulates the company's aspirations" and "reflects a key and rapidly emerging field of healthcare innovation".

Angle, as CelLBx, intends to initially focus on the proteomics and genomics market segment. The plan is to develop applications that integrate existing proteomics and genomic assays capable of providing complementary insights to circulating tumour DNA, to "maximise" its Partosix platform's potential for CTC isolation.

Angle reaffirmed that it currently has a cash runway into the first quarter of 2026. Consequently, it expects to need to raise funds "in the coming months".

"This process will commence once there is clarity on the appropriate cost base, funding need and a clear path to greater commercial traction," it said.

By Emma Curzon, Alliance News reporter

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