ANGLE PLC (LONAGL, OTCQX: ANPCY), pioneer of a liquid biopsy that helps detect the early signs of cancer, said it had made significant progress in commercialising its breakthrough technology as it provided a review of the year just gone.
Undoubtedly the highlight was the successful completion US and European studies evaluating over 400 patients using the company’s Parsortix system to detect ovarian cancer in women with a high-risk pelvic mass.
READ: ANGLE hails results from landmark ovarian cancer study which underlines potential of its liquid biopsy
“Following optimisation of the Parsortix-based pelvic mass assay, the company will validate the assay in a further, appropriately powered clinical validation study, with the goal of achieving regulatory clearance and subsequent commercialisation of this assay in Europe and the US,” said chairman Garth Selvey.
Elsewhere, a Barts Cancer Institute study into prostate cancer yielded some potentially important results using the ANGLE technology to assess patient survival.
The company’s strategy to deploy the Parsortix system with key opinion leaders in the research field as a prelude to full commercialisation appears to be gaining some traction. Currently there are 145 units deployed – up from 85 a year ago – with over 30,000 blood separations completed.
It is interesting to see the Cancer Research UK Manchester Institute using the device routinely for clinical studies.
“With its differentiated competitive position, the growing body of clinical evidence and increasing research use, ANGLE is consolidating its position as a leading player in liquid biopsy; a potential multi-billion dollar market that is expected to revolutionise cancer care,” said Selvey.
Looking ahead, a clinical study of the firm’s technology in metastatic breast cancer is expected to yield results in the first half of next year.
Its primary goal is to generate data that will support a submission to the US Food & Drug Administration for use of the Parsortix system in harvesting cancer cells from metastatic breast cancer patients.
ANGLE was lossmaking for the year ended April – to the tune of around £6.4mln – which is not uncommon for a company at this formative stage of commercial development.
Revenues increased by £100,000 to £500,000, and more importantly it was sitting with £5.5mln on the balance sheet as at the period-end.