BUSINESS UPDATE HIGHLIGHTS PROGRESS WITH PARSORTIX LIQUID BIOPSY
May 3, 2017
ANGLE plc (AIM:AGL OTCQX:ANPCY), the specialist medtech company, is pleased to provide a business update following the close of its financial year ended 30 April 2017.
Ovarian Cancer Studies
The Company’s first clinical application for Parsortix is being progressed with two clinical studies in ovarian cancer: ANG-001 in Europe (200 patients) and ANG-003 in the United States (200 patients). The Company has made good progress in these studies and patient enrolment is now complete in both. A few patients remain to have their abnormal pelvic mass surgically removed and/or the removed tissue to be analysed to confirm the presence or absence of tumour cells. The studies will then be un-blinded and an independent statistical evaluation of the predictive power of the Parsortix clinical application will be undertaken. The headline data is on track for reporting this quarter (Q2 CY17).
The Company has successfully completed fundamental aspects of the FDA analytical study and the remaining tasks are in progress. The FDA clinical study, ANG-002 in metastatic breast cancer, has passed formal Scientific Review Committee approval and The University of Texas MD Anderson Cancer Center has been signed as the lead cancer centre for analysis of the primary endpoint and one of the secondary endpoints for the study. ANGLE has engaged with IRBs (institutional review boards) at six US cancer centres to provide patient samples and to process these with Parsortix for subsequent analysis. The studies remain on track for completion by the end of CY17.
Over 30,000 blood separations have now taken place with Parsortix, up from c. 15,000 at 30 April 2016. The installed base of Parsortix instruments is continuing to grow, standing at over 145 at 30 April 2017, up from c. 85 at 30 April 2016. Adoption of Parsortix into the customers’ routine laboratory practice is evident from a substantial increase in revenues from cassette sales, which are up over 500% from last year. Overall revenues for the year are up over 40% and sales are expected to be c. £0.5 million for the year. Our sales team continue to focus on supporting our customers as they evaluate Parsortix in their current laboratory procedures, and we have seen a cumulative conversion rate for evaluations to sales of over 75%. However evaluations have taken longer to close than expected generally because of limitations in analytical techniques outside the Parsortix system. At present, there are a further 20 prospective customers evaluating Parsortix systems with a view to purchase. The Directors believe that the conversion rates to date and the number of institutions currently engaged point to a positive profile of growth in research use for Parsortix.
The cash position at 30 April 2017 is c. £5.5 million, which is broadly in line with plans despite having established higher inventory balances than planned and an outstanding payment due to the Company in relation to an R&D tax credit.
ANGLE Founder and Chief Executive, Andrew Newland, commented:
“We are continuing to make good progress against the Company’s key milestones. We are delighted that the #1 ranked cancer centre in the United States, MD Anderson Cancer Center, is leading our FDA clinical study. We look forward to the results of our clinical studies in ovarian cancer as clear demonstration of the value of Parsortix in the clinical setting. Success in these clinical studies would mark a major step forward in the validation of the Parsortix technology and for ANGLE as a key participant in the rapidly growing multi-billion dollar liquid biopsy market.”