ANGLE PLC (AIM:AGL, OTCQX:ANPCY), the liquid biopsy company, said it experienced a ‘breakthrough’ year in 2022 with US Food & Drug Administration (FDA) clearance and a growing body of scientific evidence bolstering opportunities for its product and pharma services businesses.
The company also told investors it is working with major global pharma firms, medtech companies, and clinical laboratories, driving the adoption of its Parsortix system through multiple clinical validations, regulatory approvals, and payer acceptance.
Parsortix can pick up the tell-tale signs of cancer and has been approved by the American regulatory authorities for use in metastatic breast cancer.
ANGLE has turned its focus to immediate commercial opportunities and said possesses the resources needed to execute its strategic and commercial plans.
It has kicked off the current year on a positive note, securing several new customers and orders, and reporting strong year-on-year revenue growth in the first quarter of 2023.
For the 12 months ended December 31, 2022, ANGLE generated revenues of £1mln and posted a loss of £21.7mln. The latter figure will have been unsurprising to management and investors given the group is investing heavily in the move towards commercialisation.
More importantly, it exited 2022 with cash of almost £32mln in the bank, giving it a funding runway right out to the second half of next year.
In the results statement, ANGLE chairman Garth Selvey commented: “We are executing on our strategy to commercialise the Parsortix system through: a product business, with distribution partners for Parsortix instruments and consumables; and a services business, to utilise the Parsortix system in cancer drug trials and as an accelerator and demonstrator to support product sales.
“In both business areas, ANGLE is looking to leverage corporate partnerships to accelerate multiple commercial opportunities through clinical validation, regulatory approval and reimbursement authorities.”