ANGLE PLC (AIM:AGL, OTCQX:ANPCY, FRA:DWV) said a substantive review by the US Food & Drug Administration of its Parsortix liquid biopsy system, initially for use in breast cancer, is "making good progress" and it expects a response in the second half of the year.
The system offers a breakthrough in the way tumour cells are captured and harvested for analysis and FDA approval provides the “gold standard” for medical devices globally.
In the meantime, and bolstered by a growing bedrock of scientific evidence across a number of cancer types, ANGLE has launched a pharma services businesses.
In an update alongside its interims, the med-tech group said contracts are “in progress” with three would-be customers. Discussions are ongoing with multiple other potential customers, including large global pharma companies.
Turning to the financials, the company posted a loss of £7.7mln loss in the six months ended June 30, which reflected the investment in the technology and its early commercialisation.
It exited the first half with £21mln of cash and equivalents and raised a further £20mln before expenses via a share placing supported by new and existing institutional investors in the UK and US.