ANGLE PLC (AIM: AGL, OTCQX: ANPCY), a liquid biopsy company, announced that it achieved a significant milestone in 2022, with clearance from the US Food & Drug Administration (FDA) and increasing scientific support for its product and pharma services.
The company is partnering with major global pharma companies, medtech firms, and clinical labs to promote the adoption of its Parsortix system through various clinical validations, regulatory approvals, and payer acceptance.
The Parsortix system is capable of detecting cancer’s early warning signs and has been authorized for use in metastatic breast cancer by American regulatory authorities. ANGLE is now concentrating on immediate commercial prospects and has the necessary resources to execute its strategic and commercial plans.
The company has begun the current year on a positive note, securing new customers and orders, and reporting robust year-on-year revenue growth in the first quarter of 2023.
In the 12 months that ended December 31, 2022, ANGLE produced £1mln in revenue and incurred a £21.7mln loss, which is not surprising since the company is heavily investing in commercialization. However, it ended 2022 with nearly £32mln in cash, providing it with funding until the second half of next year.
In a statement, ANGLE Chairman Garth Selvey stated, “We are executing our strategy to commercialize the Parsortix system through a product business, with distribution partners for Parsortix instruments and consumables, and a services business, to utilize the Parsortix system in cancer drug trials and as an accelerator and demonstrator to support product sales. In both business areas, ANGLE is looking to leverage corporate partnerships to accelerate multiple commercial opportunities through clinical validation, regulatory approval, and reimbursement authorities.”
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