ANGLE PLC (AIM:AGL, OTCQX:ANPCY) chief executive Andrew Newland talked with Proactive about the company’s newly announced partnership with Myriad Genetics. Newland explained that this collaboration marks a “critical part” of ANGLE’s strategy to align its Parsortix system — designed to recover cancer cells from blood — with large medical diagnostic companies that can apply the samples for specific tests.
He noted that Myriad is the first major diagnostics company to sign on for a joint development program. Myriad generates nearly $1 billion in annual revenue and employs 2,700 staff. Its current tests are primarily based on tumour tissue biopsies, but Newland said, “If they can move those tests onto circulating tumour cells … you immediately get some extremely important advantages to do with repeat testing and ease of testing.”
Under the agreement, Myriad will cover development costs, providing ANGLE with near-term revenue while opening up future commercial opportunities. If successful, this could enable blood-based alternatives to tissue biopsies, allowing for minimally invasive testing, earlier cancer detection, and repeat monitoring.
Newland emphasised that ANGLE’s long-term goal is widespread adoption of Parsortix across multiple tests and partners, with Myriad representing a major step forward in that process.
Proactive: Andrew, very good to speak with you. Could you start by explaining what this partnership with Myriad Genetics involves, and why it's an important step for ANGLE?
Andrew Newland: Yes, hello Stephen. We're very pleased with this. It's a critical part of ANGLE’s strategy to align the Parsortix system, which is very good at recovering cancer cells from blood, with large medical diagnostic companies that can use our samples for particular tests. We've been working hard to align with major companies in this field.
Myriad Genetics is the first to sign up with us for a joint development program. They are a well-established company with quarterly revenues over $200 million, close to $1 billion a year, and about 2,700 staff. Their tests are trusted and established, mostly based on tissue biopsies.
But if they can move those tests onto circulating tumor cells from blood, it creates major advantages in repeat testing and ease of use. For ANGLE, the opportunity is significant because Myriad is covering development costs, giving us revenue during the process and a strong commercialization pathway once the program progresses.
Proactive: How will comparing Parsortix circulating tumor cell DNA with tissue biopsies demonstrate the potential advantages of your approach?
Andrew Newland: Myriad sees blood testing as minimally invasive and much easier for patients compared with tissue biopsies. If they can show similar or better results from circulating tumor cell analysis using their existing tests, then they can expand into areas where biopsies aren’t possible or were unsuccessful.
It also opens up earlier testing in suspected cancer cases and enables repeat monitoring of patients over time. That’s the fundamental benefit of Parsortix — minimally invasive, repeatable blood tests. Myriad’s new strategy focuses on the “cancer care continuum,” and our technology fits directly into that.
Proactive: If successful, how could this collaboration open up new revenue opportunities or expand ANGLE's market reach?
Andrew Newland: The key target is clinical adoption by Myriad. That would generate revenues during development, but the larger opportunity comes with market adoption. There could be hundreds of thousands of tests performed by Myriad using our system, and their established clinical labs would become customers for our products.
Each test requires a Parsortix cassette, creating recurring revenue. Beyond that, proving this model with Myriad could encourage other companies to adopt Parsortix as well. This collaboration is an important first step toward transforming cancer diagnostics.
Proactive: What milestones should investors watch for as this collaboration progresses?
Andrew Newland: We expect results from the trials with Myriad to be published. That will be important. We also anticipate increasing development contracts as work advances. Assuming success, we would negotiate milestone payments with Myriad.
One unique element Parsortix can offer is exclusivity. While not yet agreed, exclusivity deals could be significant if Parsortix proves to deliver the right sample. The overall goal is widespread adoption for cancer detection and treatment. If Myriad adopts Parsortix tests after development, it would be extremely positive for our business in terms of system sales, consumables, and repeat adoption across other tests and companies.
Proactive: Andrew, I hope you'll keep us posted on progress. Thank you very much for your time today.