ANGLE PLC has said the closure of its research facility in Toronto, Canada, will deliver cost savings of £2.4mln next year followed by £4mln a year thereafter and will push the company’s cash runway out to the second half of 2024.
The one-off cost associated with the closure will be £500,000.
ANGLE, which has developed and is commercialising a liquid biopsy system, will retain its lab facility in Plymouth Meeting, Pennsylvania. In fact, it will become the hub for its North American activities.
The company cited the appreciation of the Canadian dollar against the pound and the loss of research and development tax rebates as the main drivers for the closure.
In all, they pushed up the effective cost of R&D there by 50%, ANGLE told investors.