Parsortix Update and Issue of Equity

RNS Number : 5806P

Angle PLC

05 October 2011

 



For immediate release

5 October 2011

ANGLE plc ("the Company")

Parsortix Update and Issue of Equity

ANGLE INCREASES EQUITY HOLDING to 90% IN CANCER DIAGNOSTIC SUBSIDIARY   

ANGLE plc (AIM: AGL) is delighted to announce that following the success in validating that Parsortix's cell separation device can capture cancer cells added to blood (announced on 28 September), ANGLE has increased its holding in Parsortix Inc ("Parsortix") to 90%.

ANGLE completed an equity fundraising to raise £1.25 million in July 2011, 80% of which has been allocated to Parsortix to fund the definitive validation of its initial findings (now complete), to optimise the separation device and commence beta testing with cancer clinics.  ANGLE has agreed the terms for this further investment in Parsortix and, in addition, has acquired part of the holding of George Hvichia, the Chief Technical Officer and the original inventor of Parsortix's separation device, in exchange for 227,160 ANGLE 10p ordinary shares, representing 0.6% of the current issued share capital of ANGLE. 

Following the acquisition of part of Mr Hvichia's shareholding, ANGLE's holding in Parsortix has immediately increased to 90% allowing ANGLE to ensure Parsortix is a qualifying subsidiary for the purposes of deploying funds raised under the EIS and VCT schemes. Mr Hvichia has retained a 10% interest in Parsortix, and remains integral to the development of the business.

The agreement provides an ongoing mechanism for investment by ANGLE, which will gradually increase ANGLE's holding as funds are deployed in Parsortix, thus enabling ANGLE to support the ongoing development of the business.

Application will be made for 227,160 new ordinary shares of 10p each in ANGLE to be admitted to trading on AIM.  Admission of the new ordinary shares to trading on AIM is expected at 8.00am on 11 October 2011.

ANGLE Founder and Chief Executive, Andrew Newland, commented:

"As previously stated, we believe Parsortix's cancer diagnostic offers an outstanding commercial opportunity for ANGLE.  We are delighted to have increased our holding in the company and to have agreed a mechanism which will allow ANGLE to continue to support Parsortix as it progresses towards product launch."  

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Collins Stewart Europe Limited Matt Goode	0207 523 8350
Buchanan Lisa Baderoon	020 7466 5000
Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee	0207 653 0030

 

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