Trinity Delta view: ANGLE’s focus is on progressing and growing the Pharma Services business, which has the potential to drive significant mid- and longer-term revenues through later-stage development as part of existing deals (depth), cross-selling (breadth), and new deals (halo). This a key element in widening adoption of Parsortix-based CTC analysis to support development of new therapies and potentially broaden the applicability of existing targeted drugs. Cancer mutations as potential biomarkers could guide targeted therapy at any stage from diagnosis to longitudinal monitoring, allowing minimally invasive and repeatable sampling, unlike tissue biopsy. Further confirmation that ANGLE’s assays can assess patient treatment response and identify patients likely to respond to a targeted therapy is another positive. Large pharma validation of its AR, DDR micronuclei, and HER2 CTC assays should help secure new Pharma Services contracts by providing customers with a broader menu of CTC assays across several cancers. Our ANGLE valuation is £155m, equivalent to 48p per share.
