SOURCE: Angle PLC

January 26, 2017 02:00 ET

Angle PLC: Interim Results for the six months ended 31 October 2016

GUILDFORD, UNITED KINGDOM--(Marketwired - Jan 26, 2017) - (AIM: AGL) (OTCQX: ANPCY)

AIM: AGL and OTCQX: ANPCY

ANGLE plc
("ANGLE" or "the Company")

Interim Results for the six months ended 31 October 2016

OVARIAN CANCER CLINICAL STUDIES PROGRESSING WELL

ANGLE plc (AIM: AGL) (OTCQX: ANPCY), the specialist medtech company, today announces its unaudited interim financial results for the six months ended 31 October 2016. 

Operational Highlights 

  • Initiated two 200 patient clinical studies in Europe and the US for the Company's first clinical application for detection of ovarian cancer in women with a high risk pelvic mass
    -- Interim evaluations of first 50 patients in both studies are positive (announced today, see separate release)
    -- Patient enrolment is over 90% complete in Europe and 70% complete in the US
    -- Headline data from the full studies is expected to be available in Q2, 2017

  • Extensive work towards FDA clearance in metastatic breast cancer 
    -- Analytical study work under way and making good progress
    -- Clinical study plan, involving 200 metastatic breast cancer patients and 200 healthy volunteers, submitted to the Scientific Review Committees at three world-leading US cancer centres for formal review
    -- Completion of analytical and clinical studies expected in 2017 to enable FDA submission

  • Increase in research use with a wide range of leading cancer centres throughout Europe and North America evaluating and adopting Parsortix into their research and clinical studies 
    -- Cancer Research UK Manchester Institute selected Parsortix for routine use in clinical trials and has processed 1,100 patient samples in 16 clinical trials (multiple cancers)
    -- Medical University of Vienna incorporated Parsortix in the Gannet53 ovarian cancer trial and have processed over 400 patient samples

  • Growing body of published evidence, from internationally-recognised cancer centres, validates Parsortix as a leading liquid biopsy solution
    -- Fourth peer-reviewed paper on the application of Parsortix published in Clinical Chemistry by University Medical Centre Hamburg-Eppendorf (breast cancer and prostate cancer) 
    -- Highlights key Parsortix advantages compared to competing approaches
    -- Demonstrates potential use of Parsortix in assessing chemotherapy resistance
    -- Third party research using Parsortix presented at leading cancer conferences including EACR and AACC and, post period end, NCRI and SABC1  

Financial Highlights

  • Revenues of £0.2 million (H1 2016: £nil)

  • Loss from continuing operations of £2.7 million (H1 2016: loss £2.3 million)

  • Successful fundraising from major institutional investors raising £10.2 million (£9.6 million net of expenses)

  • Cash balance at 31 October 2016 of £9.7 million (30 April 2016: £3.8 million) 

Garth Selvey, Chairman, commented:

"The Parsortix system is now delivering early adoption revenues with increasing sales for research use. Our two major ovarian cancer studies are progressing towards completion by mid-year and data from the initial patient cohort is positive. 

We have also continued to work hard towards obtaining FDA clearance of the system. Our sustained efforts have resulted in detailed analytical and clinical study plans. The analytical study is in progress and the clinical study plan has recently been submitted to three world-leading US cancer centres for formal scientific committee review.

There is still much to do, but the goal remains to layer additional supportive scientific data from clinical studies incorporating Parsortix use on top of our hard-won reputation in the international research environment. This, we believe, is the gateway to competing effectively in a very large and growing liquid biopsy market." 

Analyst meeting and webcast details

A meeting for analysts will be held at 10:30 am on 26 January 2017 at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. Please contact FTI Consulting on 020 3727 1000 for details.

To listen to the live webcast of the analyst meeting, please see
http://www.angleplc.com/investor-information/investor-centre/ for details.

1 European Association for Cancer Research (EACR 2016); American Association for Clinical Chemistry (AACC 2016); the National Cancer Research Institute (NCRI 2016); San Antonio Breast Cancer Symposium (SABC 2016)

For further information:

ANGLE plc   01483 685830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
   
     
Cenkos Securities
Stephen Keys (Nominated adviser), Steve Cox
Russell Kerr (Sales)
  020 7397 8900
     
FTI Consulting
Simon Conway, Mo Noonan
Kimberly Ha (US)      
 
020 3727 1000
001 212 850 5612
     

These Interim Results may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development and commercialisation strategies, the uncertainties related to regulatory clearance and the acceptance of the Group's products by customers. 

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