Angle plc, a world-leading liquid biopsy company, reported revenues of £0.2m for the six months ended 31 October 2017 but losses from continuing operations widened to £3.4m.
The company noted several important operational highlights for the period including clinical evidence from successful US and European ovarian cancer studies in 400 patients.
While the acquisition of Axela for £3.6 million was said to have expanded the company's liquid biopsy capabilities. Extensive work toward FDA Class II clearance in metastatic breast cancer was completed.
Angle grew its installed base to over 145 Parsortix instruments worldwide (H1 2017: 120) with over 39,000 blood separations completed (H1 2017: 22,000).
Garth Selvey, Chairman, said:
"Angle has continued to make excellent progress in executing its strategy for commercialisation of the Parsortix system, and its adoption as a gold standard in liquid biopsy, during the first half of the year.'
'We have successfully completed two large scale ovarian cancer clinical studies, progressed our FDA studies, broadened our liquid biopsy capabilities to include a downstream analysis platform with the acquisition of assets of Axela, and secured corporate partnerships with two leading, global healthcare companies.'
'Our pivotal US FDA analytical and clinical studies in metastatic breast cancer are expected to complete in H2 CY 2018.'
'Angle is seeking to become the first company to receive FDA clearance for a product for harvesting intact circulating cancer cells from patient blood for subsequent analysis.'
'We believe this will differentiate ANGLE in the liquid biopsy market and will have a major positive impact, driving the business forward on numerous fronts.'
At 9:23am: (LON:AGL) Angle PLC share price was 0p at 52p