SOURCE: Angle PLC

July 28, 2016 02:00 ET

Angle PLC: Preliminary Results

GUILDFORD, UNITED KINGDOM--(Marketwired - Jul 28, 2016) - Angle PLC (AIM: AGL) (OTCQX: ANPCY)

For Immediate Release 28 July 2016

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

Preliminary Results for the year ended 30 April 2016

ESTABLISHED RESEARCH USE SALES AND PROGRESSED FIRST CLINICAL APPLICATION IN OVARIAN CANCER

ANGLE plc (AIM: AGL OTCQX: ANPCY), the specialist medtech company, today announces audited preliminary results for the year ended 30 April 2016.

Operational Highlights

  • First sales of the Parsortix system reported in December 2015. Sales pipeline developing in the research use market 

  • Analytical and clinical study programmes developed to progress FDA clearance for Parsortix
    • planned initial FDA clearance in metastatic breast cancer
    • three world-leading US cancer centres selected to perform clinical validation work

  • Clinical study programmes developed and now recruiting patients in the detection of ovarian cancer, the Company's first clinical application:
    • Europe: Medical University of Vienna, Charité Medical University Berlin and Vivantes Network for Health GmbH
    • United States: University of Rochester Medical Center Wilmot Cancer Institute
    • global market for this clinical application estimated to be £300 million per annum

  • Growing body of published evidence from third party cancer centres - as at 30 April 2016
    • 3 publications in peer-reviewed journals and 10 posters presented at cancer conferences

  • Strengthened IP position provides protection until 2034. Patents granted in Europe, Australia, Canada and China during the period, building on United States IP coverage

Financial Highlights

  • Maiden revenues of £0.4 million (2015: £nil) from Parsortix

  • Loss from continuing operations of £5.1 million (2015: £3.9 million) reflecting planned investment to advance and drive adoption of Parsortix

  • Cash balance at 30 April 2016 of £3.8 million (30 April 2015: £8.4 million)

Post year end highlights

  • Cancer Research UK Manchester Institute selected Parsortix for routine use in clinical trials:
    • immediate incorporation of ANGLE's Parsortix system in 10 clinical trials
    • 4 further clinical trials currently in planning

  • Clinical applications in metastatic breast and prostate cancer being assessed 
    • addressing estimated global markets of £1.0 billion and £3.0 billion per annum
    • follows successful pilot studies by University of Southern California Norris Comprehensive Cancer Center and Barts Cancer Institute

  • Financial position strengthened following successful fundraising from major institutional investors raising £10.2 million (£9.6 million net of expenses)

Garth Selvey, Non-Executive Chairman of ANGLE plc, commented:

"ANGLE is funded to execute our business plan with the immediate priorities of building research use sales in leading institutions, completing analytical and clinical studies to support FDA clearance in the US, and completing clinical studies for our first clinical application in ovarian cancer. The recent pilot study results in breast cancer and prostate cancer represent breakthroughs that offer major growth potential for the future. ANGLE is well positioned to become a leading player in the emerging liquid biopsy market, which is expected to revolutionise cancer care."

Details of webcast

Please see http://www.angleplc.com/investor-information/investor-centre/ for details.

For further information:

ANGLE plc   01483 685830
Andrew Newland, Chief Executive    
Ian Griffiths, Finance Director    
     
Cenkos Securities   020 7397 8900
Stephen Keys (Nominated adviser)    
Russell Kerr, Oliver Baxendale (Sales)    
     
WG Partners   020 3705 9330
David Wilson    
Claes Spång    
     
FTI Consulting   020 3727 1000
Simon Conway, Mo Noonan, Stephanie Cuthbert   001 212 850 5612
Kimberly Ha (US)  

These Preliminary 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. 

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4543F_1-2016-7-27.pdf

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