Trinity Delta view: ANGLE’s collaboration with Illumina, the global leader in next-generation sequencing systems and assays, has significant potential to expand the Parsortix commercial opportunity. Liquid biopsy centred on ctDNA analysis is already widely adopted and these recent studies confirm that Parsortix-enabled dual CTC-DNA and ctDNA analysis can provide additional complementary information for cancer diagnosis and longitudinal monitoring. Establishing an optimised end-to-end workflow for simultaneous analysis is a key step towards supporting Illumina’s customers and offering CTC analysis for DNA dual analysis NGS. In our view, these developments should also help secure new Pharma Services contracts - a key strategic objective for ANGLE - by providing these customers with a sample-to-answer solution that delivers comprehensive molecular insights across many cancers to help guide targeted therapy. Our ANGLE valuation is £155m, equivalent to 48p per share.
