ANGLE PLC (AIM:AGL, OTCQX:ANPCY), the cancer diagnostics group behind the Parsortix blood testing platform, is changing its name to CelLBxHealth and adopting a tighter commercial focus as it seeks to strengthen its finances and accelerate growth.
Dr Jan Groen, currently non-executive chairman, has stepped into an executive role to lead the reshaped company.
A veteran of the oncology diagnostics sector, he previously oversaw turnarounds at several firms, including the Nasdaq-listed MDxHealth.
The new strategy centres on what ANGLE calls “CTC intelligence”, extracting and analysing circulating tumour cells (CTCs) from blood samples to aid drug development and clinical diagnostics.
The company plans to focus initially on the proteomics and genomics markets, developing applications for its Parsortix system that complement existing blood-based DNA testing.
The planned name, CelLBxHealth, a reference to “liquid biopsy” technology, is intended to reflect a sharper focus on precision oncology and partnerships with pharmaceutical companies.
The change is expected to take effect in mid-October, with the company’s AIM ticker to become CLBX.
ANGLE said it was working to cut costs and pursue new commercial collaborations, while maintaining a cash runway until the first quarter of 2026.
However, it acknowledged that it would need to raise further funds in the coming months once the scale of its cost base and funding requirements become clearer.
Chief executive Andrew Newland and finance director Ian Griffiths are stepping back from their roles and will leave the business in due course.