Angle raises a further £2.8 million to purchase biopsy assets

Angle Plc has raised a further £2.8 million to complement a £12.2 million fundraising announced on 5 October. The monies will help the company finance the purchase of assets from Canada-based Axela Inc that will broaden its liquid biopsy capabilities enabling it to both harvest circulating tumour cells from patients and analyse them for gene expression.

The latest financing was announced on 12 October and consists of 7,481,570 new ordinary shares conditionally issued to a single investor at a price of 37.5 pence per share. The earlier fundraising consisted of the placement of 34,789,178 new ordinary shares with investors including 4.6 million shares with Covington Capital Corp, Axela’s major shareholder and creditor. These shares were placed at 35 pence per share.

Angle is to apply to have the new shares admitted to the AIM market in London where it is currently listed. In May 2016 the company raised £10.2 million to support development of its liquid biopsy test for detecting ovarian cancer in high risk patients and to demonstrate its effectiveness compared with tissue biopsies in prostate and breast cancers.

Called Parsortix, the test is based on a microfluidic device that captures live cells based on a combination of their size and compressibility. The company says its test is sensitive enough to capture one cell in a collection of one billion blood cells and harvest this for analysis. It further claims that Parsortix is better at certain tasks than liquid biopsy tests based on circulating tumour DNA or RNA analysis. Parsortix has been approved as a medical device in Europe and is currently undergoing a review for marketing authorisation at the US Food and Drug Administration.

In a statement accompanying the funding on 5 October, Andrew Newland, the chief executive, said the Axela technology will provide “tumour-specific information” about the cells harvested by Parsortix. “The goal is for Parsortix to become the adopted standard for harvesting cancer cells for analysis from blood across a wide range of clinical applications in different cancer types,” he commented.

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