The med-tech specialist ANGLE PLC (LON:AGL OTCQX:ANPCY) is making “good progress against key milestones”, according to the company’s chief executive Andrew Newland.
His comments came alongside a business update following the close of the financial year on April 30.
ANGLE invented and developed the revolutionary Parsortix system, which can detect the early signs of cancer from small samples of blood by identifying the presence of tiny circulating tumour cells.
Parsortix is the centre-piece in two clinical studies in ovarian cancer: ANG-001 in Europe (200 patients) and ANG-003 in the United States (200 patients).
The headline data following a statistical evaluation of the predictive power of the device should be available sometime this quarter, the firm said.
ANG-002, assessing Parsortix’s role in detecting metastatic breast cancer, remains on track for completion by the end of the calendar year, it added.
“We look forward to the results of our clinical studies in ovarian cancer as clear demonstration of the value of Parsortix in the clinical setting,” said CEO and founder Newland.
“Success in these clinical studies would mark a major step forward in the validation of the Parsortix technology and for ANGLE as a key participant in the rapidly growing multi-billion dollar liquid biopsy market."
The company said it had successfully completed “fundamental aspects” of the US Food & Drug Administration analytical study and the remaining tasks are “in progress”.
Leading cancer centre carrying out work
Work is being led by MD Anderson Cancer Center, which is number-one ranked in the US.
The adoption of the ANGLE technology by the research community is underlined by the fact that 30,000 separations have now taken place, double the figure this time last year.
The installed base, meanwhile, is up to 145 from 85, while sales of the cassettes used in the process have rocketed 500%.
The conversion rate for prospective customers using the system for evaluation into sales is 75%. However, those sales are taking longer than expected to close “because of limitations in analytical techniques outside the Parsortix system”, ANGLE explained. Currently, the firm has 20 would-be buyers.
Turning to the financials, the company was sitting on £5.5mln in cash at the financial year-end. This figure was in line with forecasts despite higher than anticipated inventory levels; it does not include an outstanding research and development tax credit.
Shares marked time at just over 48p, valuing the business at £36mln.
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