Angle PLC on Friday said it had a ‘breakthrough’ year, despite reporting an annual widened loss.

The Surrey, England-based medical diagnostics company said revenue for 2022 was virtually unchanged year-on-year at £1.0 million.

Loss before tax widened to £24.4 million from £17.4 million. Angle said that this reflects planned investment.

However, Angle described 2022 as its ‘breakthrough year’, with US Food & Drug Administration approval for Parasortix and ‘excellent’ results from its ovarian cancer study. This, the company said, has place Angle in a strong position, reflected in revenue growth during the first quarter of 2023.

Non-Executive Chair Garth Selvey said: ‘2022 was a breakthrough year for Angle with the world’s first ever FDA product clearance for a system to harvest [circulating tumour cells], intact living cancer cells, from metastatic breast cancer patient blood for subsequent analysis. This was followed by Angle’s ovarian cancer study demonstrating the clinical validity of analysing Parsortix CTCs for real-world clinical applications.’

Angle noted that it is engaging with some pharma companies, medtech companies and clinical laboratories globally in order to drive growth looking ahead. It added that it is focusing on the most immediate commercial opportunities and has the resources in place to deliver on its strategic and commercial plans.

We are pleased to see that 2023 has started strongly and look forward to continued commercial progress in the year ahead,‘ Selvey added

Shares in Angle were up 4.2% to 21.35 pence each in London on Friday morning.

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