Angle Regulatory News (AGL)

London, UK, 2 August 2016

Edison issues ADR update on Angle (ANPCY)

Recent newsflow from Angle and the FY16 report released last week showed progress in developing and commercializing the liquid biopsy diagnostic system Parsortix. The R&D strategy is progressing, with the ovarian cancer trials recruiting first patients in the US and Europe and on track to deliver data around end-2016, while the first research use sales met our expectations and a new large client is on board. Our updated valuation of Angle is $171m (vs $136m previously).

We have revised our valuation of Angle and now include metastatic breast cancer and prostate cancer applications in addition to our previous DCF-based valuation of Angle's core operations and ovarian cancer application. We calculate the two new applications add $20m to Angle's valuation. Following strong news flow in recent months, ramp-up of R&D activities and initial sales meeting our expectations, we increase our valuation to $171m (from $136m) or $23/ADR.

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