ANGLE PLC (LON:AGL) saw its shares jump higher this morning on news the liquid-biospy firm has established a co-marketing agreement with QIAGEN NV, a world-leading provider of molecular testing solutions.
The AIM-listed group said the partnership will “seek to leverage the advantages of combining ANGLE's world leading Parsortix system for harvesting circulating tumor cells (CTCs) with QIAGEN's liquid biopsy solution portfolio which consists of dedicated NGS (next generation sequencing), PCR (polymerase chain reaction), single cell analysis products and bioinformatics capabilities.”
READ: ANGLE says research further demonstrates key advantages of Parsortix system for cancer treatment
The group said the initial focus will be on prostate and breast cancer research applications.
It added that the agreement entails both companies offering the other's products to its customer base and follows an intensive evaluation of Parsortix by QIAGEN identifying the advantages of the system.
QIAGEN, which is headquartered in Germany, has more than 500,000 customers in Molecular Diagnostics (human healthcare), Applied Testing (forensics, veterinary testing and food safety), Pharma (pharma and biotech companies) and Academia (life sciences research).
Andrew Newland, ANGLE’s founder and chief executive, said: “We believe the ability to offer customers a combination of Parsortix with validated and reliable downstream analysis technologies from a world leader such as QIAGEN facilitates key aspects of the sales cycle and we look forward to working closely together.”
He added: “Partnering is a core part of ANGLE's strategy to secure widespread adoption of Parsortix right across the market leveraging the customer base and distribution channels of established players."
In early morning trading, ANGLE shares were nearly 7%, or 2.25p higher at 34.75p.
In a note to clients, analysts at finnCap said: “No changes to forecasts, although we argue that this partnership should provide upside, and retain our 100p price target.”
-- Adds share price, broker comment --