Trinity Delta view: The FDA clearance of the Parsortix system in mBC was a major turning point for ANGLE, providing gold standard validation of the unrivalled flexibility, consistency, and clinical insights it provides. The challenge now shifts to maximising industry awareness and capitalising on the multiple clinical opportunities. Management is pursuing a well-articulated strategy addressing a number of distinct diagnostic segments, with both near- and longer-term objectives. This equity raise removes financial uncertainty and allows, on our conservative forecasts, these marketing and commercialisation plans to be funded through to mid-2024. Our ANGLE valuation is £506m ($658m), which would be equivalent to 194p/share based on the increased number of shares, with significant upside once Parsortix’s positioning becomes clearer.
