CelLBxHealth PLC (AIM:CLBX, OTCQB:ANPCF), the cancer diagnostics group formerly known as Angle, has outlined plans to raise £6.8 million as it tries to stabilise its finances and accelerate a shift from research towards commercial sales.
The company, which specialises in technology that isolates circulating tumour cells, cancer cells that break away from tumours and enter the bloodstream, said it aimed to bring in the money through a share placing, a subscription and a separate offer for private shareholders. The fundraising price has been set at 1p a share.
Alongside the raise, the company wants to reorganise its share capital by splitting each existing 10p share into a new ordinary share with a nominal value of 0.05p and a deferred share of 9.95p. Deferred shares typically carry no rights and are created simply to tidy up a share structure.
CelLBxHealth has been in reset mode since September, when chief executive Andrew Newland and finance director Ian Griffiths stood down.
Jan Groen, the chair, took executive control and appointed Peter Collins as interim CEO the following month. The group rebranded in October and is now focusing on selling its Parsortix system and related lab services to drug developers, clinical laboratories and contract research organisations.
The business had struggled to convert scientific progress into steady income. Despite signs of interest in 2023, contracts were inconsistent and costs remained high. By mid-2025, it became clear the existing strategy was not generating the revenue needed, leaving the company facing a cash crunch by early 2026.
The company now aims to run a leaner model centred on three revenue streams: instrument and consumable sales, laboratory services supporting clinical trials, and the joint development of new diagnostic tests.
It has been working with several large diagnostics players, including Qiagen, Roche, Myriad Genetics and Illumina, to validate tumour-cell workflows that sit alongside existing tissue or DNA tests.
Proceeds from the fundraising will be used across research and development (£1.9 million), sales and marketing (£1 million), restructuring (£1.1 million), IT (£200,000) and general operating costs (£1.8 million).
Restructuring is already underway and involves a cut of about 60% of staff. The company said the savings should extend its cash runway to the third quarter of 2027, with a target of becoming monthly EBITDA-positive by the end of 2028.
Revenues for 2025 are expected to be £1.6 million, down from £2.9 million last year, but CelLBxHealth points to a qualified sales pipeline of £12.6 million for 2026 and 2027.
The new leadership believes a sharper commercial focus and high-profile partnerships will finally bring in the steady income the group has long sought.