ANGLE PLC (LON:AG) (OTCQX:ANPCY) revealed after the close on Tuesday that it had successfully raised gross proceeds of £19.6mln via a conditional placing of shares to propel the company firmly into the commercial phase of its development.
The group said 42,608,695 shares were placed at a price of 46p each with new and existing investors. ANGLE shares closed trade on Tuesday at 48.50p.
In the statement announcing the placing results, ANGLE founder and chief executive, Andrew Newland, commented: "We are grateful for the strong support of existing and new shareholders. As well as strengthening the Company's balance sheet, the proceeds from the Placing will allow us to progress commercialisation of our Parsortix system, whilst it is under substantive review with FDA.
"ANGLE believes that the earliest prospect of FDA clearance for Parsortix, as a platform that harvests intact circulating tumour cells from patient blood for subsequent analysis, in the first instance for metastatic breast cancer, is Q2 CY21.*"
Parsortix, its breakthrough liquid biopsy, has now been submitted for clearance by the US Food & Drug Administration for use in women with metastatic breast cancer.
Now management is now looking at how best to develop and deploy its technology.
In its ‘key reasons for the placing’ section when announcing the fundraise, ANGLE said the cash injection will help fund an ovarian cancer clinical verification study due to complete enrolment in the second quarter of next year.
Crucially, some of the new money has been earmarked for the establishment of clinical laboratories in the US and UK and to underwrite the development of a pharma service business.
The emphasis of the latter will be on the measurement of PD-L1 a protein target for immunotherapy.
Work will also focus on assay development and clinical studies, while ANGLE said there was a “wide variety of partnership possibilities” for Parsortix.
In this regard, it cites potential interest from med-tech businesses and clinical labs looking to expand their revenue opportunities; tying up with pharma companies to enable precision medicines, and partnering screening firms looking to classify “clinically relevant cancer”.
-- Adds placing result, closing share price --