Acolyte Biomedica Update

RNS Number : 7634G

Angle PLC

18 May 2011

 



For immediate release

18 May 2011

ANGLE plc ("the Company")

Acolyte Biomedica Update 

ANGLE plc, which focuses on the commercialisation of technology and the development of technology-based industry, is pleased to provide an update in respect of the deferred consideration due on the sale of its portfolio company Acolyte Biomedica Limited, which specialises in medical diagnostics / MRSA detection.

ANGLE founded Acolyte Biomedica as a spin-out from the Defence Science and Technology Laboratory (dstl) to commercialise a rapid MRSA (hospital super-bug) detection technology.  The product BacLite was successfully developed and approved for use in Europe and was adopted by several hospitals for the detection of MRSA.  The company was sold in February 2007 with ANGLE due an earn-out of up to £4.7 million receivable in early 2010.  The payment of the earn-out is subject to dispute between the former Acolyte shareholders and the purchaser.

ANGLE notes that, by letter dated 9 May 2011, lawyers acting on behalf of the former major Acolyte shareholder have asked the US Food and Drug Administration (FDA) to accept a citizens' petition to "investigate the [purchaser of Acolyte], to conduct an administrative proceeding and then hold a public hearing to receive evidence and testimony regarding gross negligence in the conduct of the pre-approval clinical trials of BacLite". Details of the allegations against the purchaser are set out on www.mrsa-injustice.com. 

The purchaser denies all the allegations. 

ANGLE is awaiting the outcome of legal action by the former major Acolyte shareholder in the UK courts.  It is understood that the Court date has been set in June 2011.  Once the outcome of this action is known, ANGLE expects to pursue its own claim against the purchaser.  At present ANGLE has no exposure to legal costs.  ANGLE's earn-out of up to £4.7 million is held on the balance sheet at £1.5 million.

For further information:

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

Notes to Editors

ANGLE plc 

Founded in 1994, ANGLE focuses on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients. 

ANGLE's specialist Management services business provides support on a fee-for-service basis to major clients around the world involved in incubation, IP commercialisation, SME innovation and growth and the operation of science & technology parks.

ANGLE also owns a portfolio of company holdings with high growth potential in the medical and technology sectors.  These have been developed whilst subsidiaries of ANGLE using its proprietary Progeny® process.  ANGLE seeks to retain a substantial shareholding in these companies with a view to ongoing returns from dividend, milestone, royalty and capital returns.   

ANGLE's technology commercialisation skills are of increasing relevance as global economies focus on regeneration, innovation and value added components to their industries.  ANGLE's technology skills in IT and software, medical and life sciences, cleantech and renewable energies are directly relevant to major growth markets of the future and are marketed as specialised Management services. 

ANGLE is quoted on AIM (AGL.L); further information can be found on www.ANGLEplc.com  

 

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