Angle

LN: AGL

£114m market cap

66p last close

Angle is a world leading liquid biopsy company with a potentially disruptive platform technology. The patented Parsortix cell separation platform can harvest circulating tumour cells and other very rare cells from a blood sample for downstream analysis.

Investment summary

This morning Angle reported initial results from its two lead clinical trials with Parsortix, a liquid biopsy system. The two studies ran in parallel in Europe (ANG-001) and the US (ANG-003) and explored Parsortix’s efficacy in triaging women with ovarian masses before surgery ie looking at whether the tumour is benign or malignant to estimate the extent of the necessary surgery. Both studies recruited 200 patients each and reported sensitivity was up to 95%, while specificity was much higher than existing tests. Angle has refrained from releasing further data, as it believes that the diagnostic algorithms (combining Parsortix findings, RNA markers and patient data) that were developed during the trials could be patented.

Y/E Apr
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2016A 0.4 (4.9) (5.0) (7.97) N/A N/A
2017A 0.5 (6.7) (6.9) (8.03) N/A N/A
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (17.1) (9.0) 48.3
Relative* (18.0) (11.6) 42.5
52-week high/low 83.5p/38.0p
*% relative to local index
Key management
Andrew Newland CEO
Ian Griffiths FD

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