ANGLE PLC (AIM:AGL, OTCQX:ANPCY), the liquid biopsy company specialising in circulating tumour cell (CTC) diagnostic solutions, anticipates continued robust momentum in the second half of 2023.
The company's pipeline for products and services is developing positively and it expects to deliver revenue in line with market predictions for the entire year, investors were told.
Furthermore, by the close of the year, ANGLE is set to unveil headline results from its significant clinical studies, showcasing the primary clinical applications of its Parsortix system in patient care, ANGLE said in commentary accompanying its interim results.
Operational highlights from the first half of 2023 included signing contracts with new and recurring clients.
Notably, ANGLE secured new contracts for two phase I clinical studies. It has also expanded its global distribution network across Europe, the Middle East and Asia Pacific.
Additionally, the installed base of Parsortix systems has grown, with over 290 systems in place and a cumulative 192,000 samples processed as of 30 June.
"Encouraging progress was made on multiple levels during the half-year," said chief executive Andrew Newland.
"This was reflected in the beginnings of the post-FDA anticipated revenue ramp delivering revenues trebled year-on-year.
"Major efforts have been focused on both the products and services commercialisation channels and on the development of 'content' in terms of applications for which customers can use the Parsortix system."
Financially, ANGLE reported a threefold increase in revenues for the first half of the year, reaching £1.2 million. As is normally the case with companies at the formative part of their commercial journey, ANGLE was loss-making - to around £9.8 million.
More importantly, ANGLE's cash and cash equivalents stood at £22.2 million at the period-end.