Today's news from ANGLE (LON:AGL) is a "major step forward" chief executive and founder of the firm Andrew Newland told Proactive.
Shares soared 100% after the medical technology group announced a “major breakthrough” in finding a new use for its Parsortix cancer diagnostic device.
Having proved its ability to capture and count very rare circulating tumour cells (CTCs) in the blood, ANGLE has developed a process for recovering captured cells from the Parsortix cassette.
The ability to recover cells in this way allows them to be analysed and also “substantially extends” the technology’s use, opening up “many new diagnostic, prognostic and treatment applications for cancer patients”.
In doing so it “greatly increases” the size of the market available to ANGLE.
Andrew Newland, the company’s founder and chief executive, said: "This major development means that our system now offers two approaches to analysis of CTCs: counting and identification of cells captured within the cassette; and molecular analysis of cells recovered from the cassette as a liquid biopsy.
“We know from discussions with researchers and physicians that there is market demand for this versatility."
Later he told Proactive Investors: "It's moved our technology forward massively so I'm quite pleased the market has recognised that."
In terms of potential, he added: "It greatly increases the size of the market because effectively it leapfrogs all the other technologies out there and enables the clinicians to actually start to work out exactly what type of mutation of cancer the patient has and exactly which of a variety of drugs for example would be most appropriate for that patient."
He said ANGLE had already assessed the existing clinical market for the counting tool alone as £6bn per year.
"This (capture facility) will potentially double that but we haven't got a detailed market analysis because it's all so new," he added.
Looking ahead, ANGLE said it anticipated the Paterson Institute, a world leader working on mutations of circulating tumour cells, would in due course be investigating medical applications of the product using this capture system.
He added that within the next month or so, the company planned to start selling the product to research units, initially in the UK, then in the US.