Andrew Newland and Ian Griffiths, CEO and CFO respectively of ANGLE PLC (AIM:AGL, OTCQX:ANPCY), provided a comprehensive overview of the company's liquid biopsy device, Parsortix, and its recent developments in a presentation targeting investors.
ANGLE, specialising in cancer diagnostics, developed Parsortix to separate cancer cells from blood, offering insights into cancer's progression and enabling repeat biopsies. Traditional tissue biopsies become outdated as cancer evolves, but Parsortix allows for ongoing monitoring of changes in cancer cells.
The Parsortix system is partnered with a disposable, microfluidic cassette, costing approximately $15 to produce and sold for up to $300.
This British technology, globally patented and protected until 2034, isolates cancer cells even from large blood volumes, offering a simpler, less invasive alternative to tissue biopsies. ANGLE boasts FDA clearance for this technology, a notable achievement taking six and a half years.
The presentation highlighted the critical need for repeat biopsies in cancer treatment, particularly for metastatic cases, where secondary biopsies are often challenging and risky. Parsortix addresses this by enabling non-invasive, repeatable tests through blood samples, providing valuable data for treatment decisions.
ANGLE's business model revolves around selling the Parsortix system and consumables worldwide, with a network of distributors and a target of expanding sales personnel.
The company's revenue doubled in 2023, reaching 2.2 million, with expectations of tripling in 2024. Their service business collaborates with pharmaceutical companies, offering a comprehensive service for drug trials including pre-, during, and post-treatment blood analysis.
ANGLE has developed assays for pharma companies to identify specific cancer cell targets, facilitating the selection of appropriate drugs. Its first large pharma customer, Eisai, focuses on breast cancer treatments, highlighting the potential of Parsortix in clinical trials.
The presentation also introduced a new product, the Parsortix Portrait Plus Antibody Staining Kit, simplifying the process of cancer cell analysis for customers. This launch aims to boost product revenues alongside the Parsortix system.
ANGLE's recent breakthrough involves combining the analysis of living circulating tumour cells (CTCs) and circulating tumour DNA (CTDNA) from dead cells. This dual approach offers a more comprehensive view of the cancer's current state and potential resistance to treatments. Initial studies show promising results, identifying actionable cancer DNA variants in most breast, lung, and ovarian cancer samples.
ANGLE's future milestones include expanding revenues in both their services and products businesses, developing more comprehensive tests, and establishing their clinical laboratory for patient testing. They aim to become a complete solution provider for cancer diagnostics and treatment guidance.
Ian Griffiths addressed financial aspects, including its fundraising of £20 million in June 2022 and cost management strategies to achieve cash flow breakeven by the end of 2025.
The company has raised about £130 million from investors over its lifetime, with a current market cap of approximately 56 million. Despite market challenges, ANGLE is optimistic about accelerating commercialisation and educating the market about the value of CTCs in cancer diagnostics and treatment.