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ANGLE boosted as group strengthens patent hold on Parsortix

Shares in ANGLE nudged up at the start of the week as the group strengthened the protection over its blood cell separation technology - unveiling a second US patent.
ANGLE boosted as group strengthens patent hold on Parsortix

Shares in ANGLE (LON:AGL) nudged up at the start of the week as the group strengthened the protection over its blood cell separation technology - unveiling a second US patent.

This patent strengthens the claims for Parsortix protected by the first, ANGLE said, and similar patents have now been issued worldwide for the system, which captures cells for medical analysis.

The device allows for the early detection of cancer and could be a significant step forward in the fight against the killer disease.

The latest patent protects certain aspects of the design and manufacture of the technology for wider useage, and includes cell detection, identification and analysis directly on devices after they have been captured.

It also covers separting specific cells including foetal and stem cells as well as the circulating tumour cells.

The medtech specialist's founder and chief  executive Andrew Newland told investors on Monday: "The grant of our second US patent gives ANGLE broader protection over the Parsortix separation technology. 

"We are pursuing a strategy to strengthen the breadth and duration of our patent coverage to maximise the commercial returns that can be achieved from our Parsortix technology."

He told Proactive that future big catalysts for the firm included pilot studies of Parsortix for medical applications and FDA authorisation.

Navid Malik, head of life science research at broker Cenkos, welcomed the latest patent, saying it had "high commercial significance" as it extended both the duration and the scope of the current level of patent protection, and provided added endorsement  of the Parsortix technology. 

"We await further news flow surrounding the completion of corresponding patent applications in other geographic markets and reiterate our BUY rating."

In its finals last month, the firm said 2014 financial year had been one of significant progress and it was now focused on establishing using the system in clinical practice.

Highlights of the year included a CE mark authorisation for Parsortix to be used as an in vitro device in clinical use in the European Union.

The firm also made an FDA 510(k) submission in March this year for the clinical use of Parsortix system in the US.

The loss for the year was £1.2 million (2013: loss £1 million) and the cash balance as at April 30 was £3.9mln.

Shares rose 1.99% to stand at 77 pence each.

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