New Venture - Parsortix Inc

4 May 2006 07:01

Angle PLC04 May 2006 For Immediate Release 4 May 2006 ANGLE plc ('ANGLE' or 'the Company') New Venture Company: Parsortix Inc ANGLE plc ('ANGLE'), the venture management and consulting company specialisingin the commercialisation of technology, is pleased to announce the launch of itslatest venture company, Parsortix Inc, which was agreed on 28 April but forreasons of commercial confidentiality was embargoed until now. In accordance with ANGLE's Progeny(R) process for creating new ventures,Parsortix has secured intellectual property that has the potential to change the$600 million global market for prenatal diagnostics by eliminating the need formaternal invasive procedures. The technology, developed in private laboratoriesin both the US and Europe, is also applicable to bone marrow transplantprocedures used in the therapeutic regimen for the treatment of cancer. Approximately 6.5 million pregnancies occur in the United States alone eachyear. Parsortix's technology enables the determination of chromosomalabnormalities in the first trimester of pregnancy without the need for invasivediagnostic procedures. Early definitive diagnosis for chromosomal abnormalitiesassociated with spina bifida, Down's, Turner, and Klinefelter syndromes, as wellas other disorders due to genetic abnormalities, can help physicians better carefor both the mother and the foetus during pregnancy. It also gives familiesearlier information with respect to the health of the unborn child and avoidsthe risk to mother and foetus of the maternal invasive procedures currentlyused. This technology should also help provide better care for chemotherapy andradiation treated patients who have to undergo bone marrow transplants. Inaddition, it should help ensure the safety of marrow transplants for thepatients receiving their own bone marrow (autologous transplants) and may alsobe used in preventing immune rejection during bone marrow transplant fromanother donor. The technology will fit into current medical practice enabling less expensiveprocedures, and more timely diagnosis adding value to both prenatal care andcancer therapeutics. In accordance with its process for new venture creation, ANGLE will providemanagement and initial funding to Parsortix, creating a business plan, initialmanagement, IP protection, regulatory guidance, and product planning. Thiscompany is being formed in accordance with the strategic relationship betweenthe Ben Franklin Technology Partners of Southeastern Pennsylvania and ANGLE.The agreement provides that ANGLE will work with BFTP to form companies in theSouth Eastern Pennsylvania region to promote economic development in the regionthrough the formation of technology based enterprises. Commenting on the formation of Parsortix, ANGLE's Chief Executive, AndrewNewland said: "We are delighted to have launched Parsortix Inc. The prenatal diagnosticmarket is one that is ready for a new approach and the benefits of earlydiagnosis without the risk of maternal invasive procedures is enormous. This is the first company resulting from our preferred commercialisation partneragreement with Ben Franklin Technology Partners of Southeastern Pennsylvania(BFTP/SEP), which provides ANGLE access to commercialisation opportunities frommore than $1 billion of research funding per annum in the Greater Philadelphiaregion." For further information ANGLE plc +44 1483 295830Andrew Newland, Chief ExecutiveRob Kornblum, Managing Director US Ventures Buchanan Communications +44 20 7466 5000Richard Darby, Suzanne Brocks, James Strong, Amy Rajendran Notes to Editors Founded in 1994, ANGLE is an international venture management and consultingcompany focusing on the commercialisation of technology and the development oftechnology-based industry. ANGLE creates, develops and advises technologybusinesses on its own behalf and for its clients. ANGLE is listed on AIM (AGL.L); further information can be found onwww.ANGLEplc.com This information is provided by RNS The company news service from the London Stock Exchange