Trinity Delta view: During 2021 ANGLE laid important foundations ahead of key events that should accelerate commercial prospects. Positive momentum in pharma services contracts and corporate partnerships coupled to new assay and LDT development will contribute to top-line growth. However, potential FDA clearance of the Parsortix system in mBC is a clear focus for many investors and will provide important validation for external partners. ANGLE is well positioned to capitalise on growing recognition of the utility of CTC analysis in investigating protein markers on cancer cells, without the limitations of ctDNA (circulating tumour DNA) liquid biopsy (inapplicable to proteins) or tissue biopsies (unsuitable for longitudinal monitoring). We value ANGLE at £506m ($658m), or 215p/share.
