ANGLE has raised £20m (gross) to maintain momentum in consolidating its position as the leading player in CTC liquid biopsy. Its proprietary Parsortix microfluidic device captures circulating tumour cells (CTCs) for analysis and can complement ctDNA (circulating tumour DNA) liquid biopsies. New monies boost pro forma cash to c £47m supporting current initiatives (eg breast and ovarian cancer), new opportunities to expand Parsortix’s utility, and expanding the commercial infrastructure. ANGLE has identified two specific, highly commercially attractive opportunities: an LDT to assess prostate cancer risk, and a PD-L1 pharma services assay for clinical trials. Both would be offered through its two clinical laboratories (UK and US), which in addition to accelerating Parsortix system adoption, also act as demonstrators of how it enables targeted treatments, response monitoring, and improved patient outcomes. Our updated DCF-based model generates a valuation of £570m ($741m), or 244p/share.
