ANGLE PLC (LON:AGL, OTCQX:ANPCY) has signed an option agreement over an advance that may open a “whole new area of cancer diagnostics”.
The deal is with the Barts Cancer Institute and focuses on the breakthrough made by its researchers in determining the role of megakaryocytes.
Found in the blood they correlate closely with survival rates for patients with prostate cancer.
Their presence and abundance could allow doctors to more precisely tailor treatments so they are more effective.
Partsortix holds key to harvesting
ANGLE’s Parsortix liquid biopsy is the only device currently able to harvest megakaryocytes.
Queen Mary University of London, of which the Barts Cancer Institute is a part, has filed two worldwide patent applications related to its work.
The AIM-listed med-tech firm has agreed to cover the costs of that process in return for a two-year option over patents covering any medical therapeutic, diagnostic, or prophylactic application.
READ: Broker targeting near-tripling in ANGLE's share price as Parsortix development strides forward
The company’s chief executive, Andrew Newland, said: "This deal further strengthens ANGLE's intellectual property position in the fast-emerging liquid biopsy market.
“Use of the Parsortix system is driving new discoveries by key opinion leaders and customers and ANGLE is the obvious partner to drive their commercialisation so we expect to see other similar developments over time continually strengthening the Company's position in the market."
ANGLE shares were 2.5% higher in morning trade at 34.5p, but small-cap broker finnCap believes the stock has much further to go.
“We make no changes to our forecasts and retain our 100p price target, which is based on a DCF [discounted cash flow] analysis,” said analyst Mark Brewer in a short note to clients.
“But [we] point to the significant long-term value potential additional value that could be generated by any clinical applications arising from the combination of Parsortix and the downstream analysis of captured megakaryocytes.”
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