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(Alliance News) - Shares in Angle PLC jumped on Friday, after the company said it has been chosen to develop a prostate cancer assay using its Parsortix technology, opening the door for future clinical study-supporting contracts.
The Guildford, England-based liquid biopsy company, which specialises in circulating tumour cell solutions for use in drug development and clinical oncology, has signed a supplier agreement with Cambridge-based AstraZeneca PLC.
Shares in Angle were up 16% at 15.99 pence each in London on Friday afternoon.
Under the terms of the agreement, worth GBP550,000 to Angle, the company will develop an androgen-receptor assay, using its CTC Parsortix technology, for use in prostate cancer studies.
Development will take place in the Angle's UK laboratories, and completion of the project is expected in the first quarter of 2025.
"A successful development phase will demonstrate the importance of the Parsortix system in assessing the efficacy of prostate cancer therapeutics and offers the potential for long-term, ongoing business for the company supporting clinical studies," Angle said.
Chief Executive Officer Andrew Newland said: "This is further validation of Angle's Parsortix system which shows potential for long-term large-scale revenues in bringing innovative new cancer drugs to the market. We anticipate that success in this first phase of assay development may lead to much larger contracts for use of the assay in clinical trials".
By Hugh Cameron, Alliance News reporter
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Angle said it has struck a deal with AstraZeneca to develop a "Parsortix-based androgen receptor" detection assay to be used in prostate cancer studies. Medical diagnostics provider Angle said the deal is worth GBP550,000. "Assay development will take place in the Angle's UK laboratories, with project completion expected in Q1 2025. A successful development phase will demonstrate the importance of the Parsortix system in assessing the efficacy of prostate cancer therapeutics and offers the potential for long-term, ongoing business for the company supporting clinical studies," it said. Parsortix is a liquid biopsy treatment. Angle added: "Prostate cancer is the second most common cancer in men with 1.5 million new cases diagnosed globally each year and 5 million men living with prostate cancer (5-year prevalence). The androgen receptor plays a pivotal role in prostate cancer tumour growth and progression with anti-androgen therapy frequently given as first-line treatment."
ANGLE plc ("the Company")
NEW COMMERCIAL AGREEMENT WITH LARGE PHARMA
ANGLE commissioned to develop a Parsortix-based Androgen Receptor detection assay for use in prostate cancer studies
ANGLE plc (AIM:AGL OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, is delighted to announce that it has signed a supplier agreement to develop a Parsortix-based Androgen Receptor1 (AR) detection assay for use in prostate cancer studies. The supplier agreement reported here is with AstraZeneca (LSE/STO/Nasdaq: AZN). This follows an earlier agreement to develop a methodology for CTC micronuclei detection using the Company's DNA Damage Response (DDR) assay, announced on 24 April 2024.
Under the terms of this agreement, worth £550,000 to ANGLE, the Company will develop a CTC-based AR assay. Assay development will take place in the ANGLE's UK laboratories, with project completion expected in Q1 2025. A successful development phase will demonstrate the importance of the Parsortix system in assessing the efficacy of prostate cancer therapeutics and offers the potential for long-term, ongoing business for the Company supporting clinical studies.
AR is a nuclear protein involved in cell growth and proliferation, cell cycle progression, protein synthesis, and cell death. The analysis of Parsortix® harvested CTCs using the Company's AR assay could enable longitudinal, minimally invasive assessment of AR status throughout clinical studies and during follow-up. There are more than 130 active, interventional oncology clinical studies in 30,000 participants, which include androgen receptor assessment, registered on clinicaltrials.gov.
ANGLE Chief Executive Officer, Andrew Newland, commented:
"This is further validation of ANGLE's Parsortix system which shows potential for long-term large-scale revenues in bringing innovative new cancer drugs to the market. We anticipate that success in this first phase of assay development may lead to much larger contracts for use of the assay in clinical trials."
ANGLE Chief Scientific Officer, Karen Miller commented:
"We are delighted our expertise is being put to use in the isolation, harvest, and profiling of CTCs for androgen receptor investigation with the potential for ANGLE's assays to be used in clinical trials. The new androgen receptor assay will also be an important addition to the menu of assays we can offer other customers."
If placing why would director buy 2 months ago. 19 February 2024, Cathal Friel, Executive Chairman of the Company, purchased 830,000 ordinary shares at a price of 11.68 pence per share (the "Purchase").. great news today. Enjoy. Look towards the future now.
No placing
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