ANGLE
Guildford, United Kingdom

ANGLE is a specialist diagnostics company. Its proprietary Parsortix technology can capture and harvest very rare cells, including CTCs (circulating tumour cells), from a blood sample. The FDA approval for its clinical use to guide precision cancer care will open up further multiple commercial opportunities.

www.angleplc.com

Investment Perspective

ANGLE has raised £20m (gross) to maintain momentum in consolidating its position as the leading player in CTC liquid biopsy. Its proprietary Parsortix microfluidic device captures circulating tumour cells (CTCs) for analysis and can complement ctDNA (circulating tumour DNA) liquid biopsies. New monies boost pro forma cash to c £47m supporting current initiatives (eg breast and ovarian cancer), new opportunities to expand Parsortix’s utility, and expanding the commercial infrastructure. ANGLE has identified two specific, highly commercially attractive opportunities: an LDT to assess prostate cancer risk, and a PD-L1 pharma services assay for clinical trials. Both would be offered through its two clinical laboratories (UK and US), which in addition to accelerating Parsortix system adoption, also act as demonstrators of how it enables targeted treatments, response monitoring, and improved patient outcomes. Our updated DCF-based model generates a valuation of £570m ($741m), or 244p/share.

Market information

SymbolPrimary exchanges
AGLAIM London

Research

First custom CTC assay development contract
Lighthouse | 29 Jul 2021
£20m placing to accelerate Parsortix opportunities
Update | 28 Jun 2021
Parsortix commercial traction would be transformational
Initiation | 11 May 2021

Recent News

Contract secured for bespoke assay development
28 Jul 2021
Result of accelerated bookbuild
25 Jun 2021
Accelerated bookbuild to raise up to £20m gross
24 Jun 2021
ctDNA and CTCs have differences in EGFR mutations
18 Jun 2021