- Company raises £20.13 million at 14.4% discount
- Funds will accelerate multiple pathways to commercialisation, claims company
- Hopes to exploit first mover advantage
Liquid biopsy company ANGLE (AGL:AIM) has raised £20.13 million in gross proceeds following a successful placing of new shares at 80p per share, with a retail investor offer included.
Chief executive Andrew Newland and chief financial officer have subscribed for 125,000 and 37,500shares, respectively, at the same price.
In aggregate the new shares represent 10.7% of existing capital and the placing price comes at a 14.4% discount to the closing price on 14 July 2022.
Despite choppy markets, the shares traded at a slight premium to the issue price, losing around 13% on the day to 81.9p.
ACCELERATING COMMERCIAL OPPORTUNITY
Newland commented: ‘We are pleased to have received support from both existing shareholders and new investors for this capital raise despite the challenging market conditions.
‘The new funds will be used to capitalise on the momentum gained following the ground-breaking FDA clearance of our Parsortix liquid biopsy system in May this year.
‘This was the first ever FDA product clearance to harvest cancer cells from a patient blood sample for subsequent analysis and offers the prospect of a new era of personalised cancer care.
‘The new funding will allow us to accelerate multiple pathways to commercialisation including clinical use of the system in breast cancer, our growing pharma services business and the establishment of new tests in ovarian and prostate cancer.’
UNIQUE ADVANTAGES
ANGLE’s Parsortix technology is the first and only US Food and DrugAdministration-approved medical device to harvest intact circulating cancer cells from blood.
The system has many advantages compared with taking tissue biopsies. It eliminates the many associated side effects and allows for several samples to be analysed before, during and after drug intervention. This is not possible with tissue biopsies.
Analysts at investment bank Berenberg estimate the liquid biopsy market could grow to more than $100 billion a year in the long-term.
The company has built a significant lead in the liquid biopsy market and today’s capital raise makes sense to drive commercial development and exploit its first mover advantage.
