Completion of Geomerics Transaction

RNS Number : 7730J

Angle PLC

22 December 2015

 



For immediate release

22 December 2015

ANGLE plc

("ANGLE" or "the Company")

£0.7 MILLION CASH RECEIPT FROM GEOMERICS SALE ESCROW

ANGLE plc (AIM: AGL OTCQX: ANPCY), the specialist medtech company, is pleased to announce the receipt of £0.7 million cash from the release of an escrow amount in relation to the sale of Geomerics as announced on 13 December 2013.

As part of its refocus as a pure play specialist medtech company to deploy all its resources on the Parsortix non-invasive cancer diagnostics business, ANGLE sold its investment in graphics technology developer Geomerics Limited (Geomerics).  The sale generated a cash consideration for ANGLE of £6.2 million, of which £5.5 million was received immediately and the balance of £0.7 million was held in escrow to settle any valid claims.  The escrow balance has now been released in full and ANGLE has received the £0.7 million in cash.

ANGLE's Founder and Chief Executive, Andrew Newland, commented:

"We are pleased that the Geomerics transaction has completed successfully and the full escrow amount has been released."

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Cenkos Securities Stephen Keys, Dr Christopher Golden (Nominated adviser) Russell Kerr, Olly Baxendale (Sales)	020 7397 8900
FTI Consulting Simon Conway, Mo Noonan, Stephanie Cuthbert Kimberley Ha (US)	020 3727 1000 001 212 850 5612

For Frequently Used Terms, please see the Company's website on http://www.angleplc.com/the-parsortix-system/glossary/

Notes for editors

About ANGLE plc     www.angleplc.com 

ANGLE is a specialist medtech company commercialising a disruptive platform technology that can capture cells circulating in blood, such as cancer cells, even when they are as rare in number as one cell in one billion blood cells, and harvest the cells for analysis.

ANGLE's cell separation technology is called the Parsortix system and it enables a liquid biopsy (simple blood test) to be used to provide the cells of interest. Parsortix is the subject of granted patents in the United States, Canada, China and Australia and three extensive families of patents are being progressed worldwide. The system is based on a microfluidic device that captures cells based on a combination of their size and compressibility. The Parsortix system is established with strong positive evaluations from leading cancer research centres and is working with these cancer centres to demonstrate key applications. Parsortix has a CE Mark for Europe and FDA authorisation is in process for the United States. 

The analysis of the cells that can be harvested from patient blood with ANGLE's Parsortix system has the potential to help deliver personalised cancer care offering profound improvements in clinical and health economic outcomes in the treatment and diagnosis of various forms of cancer.

The global increase in cancer to a 1 in 3 lifetime incidence is set to drive a multi $billion clinical market. The Parsortix system is designed to be compatible with existing major medtech analytical platforms and to act as a companion diagnostic for major pharma in helping to identify patients that will benefit from a particular drug and then monitoring the drug's effectiveness.

Now that the Parsortix system has been developed, ANGLE is focused on its commercialisation in the market. 

ANGLE is strongly focused on establishing the use of the Parsortix system in clinical practice.  To achieve this, ANGLE has established formal collaborations with world-class cancer centres.  These Key Opinion Leaders are working to identify applications with medical utility (clear benefit to patients), and to secure clinical data that demonstrates that utility in patient studies.  ANGLE believes this is the optimal approach for unlocking the multi-billion dollar worldwide market available to the Company and its potential strategic partners.  Details are available here http://www.angleplc.com/the-company/collaborators/

As well as cancer, the Parsortix technology has the potential for deployment with several other important cell types in the future.

ANGLE began trading on the AIM market of the London Stock Exchange in March 2004 under the ticker symbol AGL. For further information please visit: www.angleplc.com.

 

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