Last checked at 26 Aug 2009 15:08
ANGLE plc ("the Company")
Disposal of Provexis holding
ANGLE plc ("ANGLE") is pleased to announce that in line with its declared strategy it has completed the disposal of its remaining holding in its mature portfolio company Provexis Plc ("Provexis").
At 30 April 2009, ANGLE's holding in Provexis was held on the balance sheet at a fair value of £0.5m. This has been sold at a profit of £0.9m generating £1.4m in cash.
The disposal of this holding significantly strengthens ANGLE's cash position and reinforces ANGLE's established strategy to focus its efforts and resources on the winners within its portfolio.
Andrew Newland, Chief Executive of ANGLE plc said:
"Completion of this realisation puts ANGLE is a strong position to progress its principal holdings including Novocellus (in vitro fertilisation - 82% holding), Geomerics (Enhanced computer games middleware - 47% holding) and Parsortix (Prenatal diagnostics - 76% holding)."
For further information:
| ANGLE plc | 01483 295830 |
| Andrew Newland, Chief Executive Ian Griffiths, Finance Director | |
| Collins Stewart Europe Limited Stewart Wallace | 0207 523 8350 |
| Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee | 0207 653 0030 |
Notes to Editors
ANGLE plc (www.angleplc.com)
Founded in 1994, ANGLE is an international venture management company focusing on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients.
ANGLE's specialist Management services business provides support on a fee-for-service basis to major clients around the world involved in incubation, IP commercialisation, SME innovation and growth and the operation of science & technology parks.
ANGLE also owns a portfolio of companies with high growth potential in the medical and technology sectors in both the UK and the US. These have been developed whilst subsidiaries of ANGLE using its proprietary Progeny® process. ANGLE seeks to retain a substantial shareholding in these companies with a view to ongoing returns from dividend, milestone, royalty and capital returns.
ANGLE's venture management and technology commercialisation skills are of increasing relevance as global economies focus on regeneration, innovation and value added components to their industries. ANGLE's technology skills in IT and software, medical and life sciences, clean tech and renewable energies are directly relevant to major growth markets of the future and are marketed as specialised Management services.
ANGLE is quoted on AIM (AGL.L); further information can be found on www.ANGLEplc.com
PROVEXIS (www.provexis.com)
ANGLE founded Provexis in 1999 to commercialise technology developed by the Rowett Institute, Europe's leading nutrition research institute. With the assistance of ANGLE's proven management capabilities, Provexis has since developed its scientifically-proven functional and medical foods business.
The Company's lead technology, Fruitflow®, is a patented natural extract from tomato which has been shown in human trials to reduce the propensity for aberrant blood clotting, typically associated with cardiovascular disease, which can lead to heart attacks and strokes. The global market for functional foods is worth over $73 billion per annum and cardiovascular health is a key sub-sector of this market.