Angle PLC Announces Preliminary Results

Preliminary Results for the year ended 31 December 2023

COMMERCIALISATION BUILDING, WITH REVENUE MORE THAN DOUBLED

New products and services launched; and breakthrough studies completed on combined ctDNA and CTC-DNA analysis

Strong start to 2024 with two global pharmaceutical customers announced

GUILDFORD, SURREY / ACCESSWIRE / June 5, 2024 / ANGLE plc (AIM:AGL)(OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) diagnostic solutions for use in research, drug development and clinical oncology, today announces unaudited preliminary results for the year ended 31 December 2023.

Financial Highlights

• Revenues for the full year more than doubled to £2.2 million (2022: £ 1.0 million)
• Loss for the year £20.1 million, or 7.73 pence per share (2022: loss £21.7 million or 8.79 pence per share)
• Cash and cash equivalents at 31 December 2023 of £16.2 million (2022: £31.9 million) with R&D Tax Credits due at 31 December 2023 of £1.5 million (2022: £2.9 million)
• Fundraise announced today raising £8.50 million (gross) with an Open Offer to shareholders initiated raising up to £2.06 million

Operational Highlights

Pharma Services

Contracts signed with new and repeat customers including:

• services agreement signed at year end and announced early 2024 with global Japanese pharma company, Eisai, for use of ANGLE's quantitative HER2 assay in a Phase II trial
• new contract with Crescendo Biologics to use ANGLE's Portrait Flex assay in a Phase I clinical study in prostate cancer
• follow-on contract with Artios Pharma for use of DNA Damage Response (DDR) assays in a Phase I clinical trial in multiple advanced cancers
• Launch of Portrait Flex, Portrait DDR (γH2AX and pKAP1), and Portrait PD-L1 assays from the Company's GCLP-compliant laboratory

Products

• Expansion of global distribution network and associated infrastructure (including product management, logistics, service, and maintenance) across Europe, Africa, the Middle East and Asia-Pacific with first commercial sales in fourth quarter
• Launch of Portrait+ CTC Staining Kit as first sample-to-answer product providing laboratories with a fully validated, standardised protocol for CTC identification and analysis across multiple cancer types
• Strategic partnership with BioView to develop a quantitative breast cancer CTC HER2 assay kit. Development work generating revenue for ANGLE of £1.2 million
• Installed base of over 290 Parsortix^® instruments with 210,000 cumulative samples processed at year end
  

Content (applications)

16 peer-reviewed scientific papers published in 2023 bringing the total number of peer-reviewed publications as at 31 December 2023 to 92 (2022: 76)

Good progress made in clinical studies:

• recruitment on track in INFORM study across four major cancer types building a biobank of samples for assay development and validation
• recruitment in ovarian and prostate cancer studies completed and Parsortix cell harvest stored for future molecular analysis

Development of a dual analysis solution for comprehensive DNA molecular analysis of CTCs and ctDNA from a single blood sample:

• research study results found that clinically relevant DNA variants were identified in CTCs that were not present in ctDNA from the same blood draw
• potential to expand clinically relevant information to inform personalised therapy when the two are analysed together

Corporate Highlights

• Board strengthened for the next phase of the Company's development with the appointment of a new Non-executive Chairman and two new Non-executive Directors
• Senior management team strengthened with the appointment of highly experienced, commercially focused industry professionals to the positions of Chief Commercial Officer and Chief Scientific Officer

Outlook

• Strong start to 2024 with product and services customer relationships developing well and significant expansion of pharma services business
• three service agreements signed with two large pharma customers, Eisai and AstraZeneca
• development of HER2 assay for Eisai to detect and assess HER2 low and HER2+ cancers in a Phase II study at a value to ANGLE of US$250,000
• development of a DDR assay for AstraZeneca with the initial 6-month development phase worth £150,000 to ANGLE
• development of an Androgen Receptor assay for AstraZeneca with the initial 12-month development phase worth £550,000 to ANGLE
• active discussion ongoing with multiple prospective pharma customers including six large pharma customers
• product sales building with expansion of direct salesforce and highly engaged network of global distributors
• Revenue for H1 2024 is expected to be between £1.0 million and £1.3 million with a total of c.40% of FY24 market expectations for revenue¹ already contracted year to date. The Company has a strong current pipeline of opportunities that has more than doubled year to date, with significant potential growth opportunities across a variety of end customers, including large pharma. As such, the management remains confident in delivering strong growth in 2024 in line with current market expectations
• Completion of the fundraising, announced separately today, alongside delivery of market expectations is anticipated by the Company to secure cashflow breakeven on a monthly basis by the end of 2025

ANGLE Chief Executive, Andrew Newland, commented:

"ANGLE has made considerable commercial progress in 2023 through the ongoing execution of our strategy. Major efforts have been focused on both the products and services commercialisation channels and on the development of "content" to provide applications of the Parsortix system for customers. This has resulted in the launch of four imaging assays, a strategic partnership with BioView for the development of a quantitative HER2 assay kit, repeat and new business with pharmaceutical customers for services and positive research study results for the Company's comprehensive solution for dual molecular analysis of CTC-DNA and ctDNA from a single blood sample.

2023 also saw the first product sales from our newly established global distribution network and we are optimistic about the growth in global sales of the Parsortix system, consumables, and assay kits during the current financial year.

I am delighted that 2024 has started strongly with three new contracts with two large pharma customers and we look forward to continuing this commercial momentum in the year ahead."

1. Current consensus revenue is £6.45m for FY24. (Source: Bloomberg)

For further information:

For Frequently Used Terms, please see the Company's website on https://angleplc.com/investor-relations/glossary/

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

These Preliminary Results may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development, commercialisation strategies, the uncertainties related to clinical study outcomes and regulatory clearance, obtaining reimbursement and payor coverage, acceptance into national guidelines and the acceptance of the Group's products and services by customers.

The Company values communications with its shareholders and, as soon as feasible, will organise a webcast and other communications with shareholders.

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SOURCE: ANGLE plc