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ANGLE acquires remaining stake in US subsidiary from Parsortix inventor

Having complete ownership of the US subsidiary is particularly important, said Angle, as it owns core intellectual property related to Parsortix
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ANGLE has bought out Hvichia by issuing him with £467,500 worth of shares

ANGLE plc (LON:AGL) now owns 100% of its North American subsidiary after buying out Georgi Hvichia’s 9.47% stake.

Hvichia is the original inventor of ANGLE’s Parsortix cancer detection technology. As such, he still holds a stake in ANGLE North America (ANAI) but the company has issued £467,500 worth of shares to acquire it.

READ: ANGLE finds new angle for cancer detection device

It means that Hvichia, who is currently a director of ANAI but will move to a scientific advisory board member role, now owns 1.08mln ANGLE shares, around 0.76% of the total share capital.

The AIM-quoted firm said the agreement gives it a clean 100% ownership of all its group companies, adding that the US subsidiary is particularly important as it owns core intellectual property related to Parsortix.

“We are pleased to reach an agreement with Georgi Hvichia, the original inventor of the Parsortix microfluidic technology, to acquire his remaining shareholding in our US operating subsidiary in exchange for ANGLE plc shares,” said chief executive Andrew Newland.

Angle shares were untraded at 96.2p in early deals on Monday.

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