Interim Results for the six months ended 30 June 2023
BUILDING COMMERCIAL MOMENTUM DELIVERS REVENUE GROWTH
Cash runway extended into Q1 2025
GUILDFORD, SURREY / ACCESSWIRE / September 7, 2023 / ANGLE plc (AIM:AGL)(OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumor cell (CTC) diagnostic solutions for the research and diagnostic oncology market, today announces its unaudited interim financial results for the six months ended 30 June 2023.
- Revenues for the half-year trebled to £1.2 million (H1 2022: £0.4 million)
- product-related revenue £0.8 million (H1 2022: £0.3 million)
- services-related revenue £0.4 million (H1 2022: £0.1 million)
- services-related sales of up to £2.5 million have already been made for revenues in future periods
- Loss for the half-year £9.8 million, or 3.77 pence per share (H1 2022: loss £9.2 million, or 3.92 pence per share)
- Focus on near term opportunities and deferral of some longer-term growth objectives generates c. £5 million of cash savings by end of 2024 extending cash runway into Q1 2025
- Cash and cash equivalents at 30 June 2023 of £22.2 million (30 June 2022: £20.5 million). R&D Tax Credits due at 30 June 2023 of £3.7 million (30 June 2022: £5.9 million)
- Contracts signed with new and repeat customers including
- new contract with Crescendo Biologics to use ANGLE's Portrait Flex assay in a Phase 1 clinical study in prostate cancer
- follow-on contract with Artios Pharma for use of DNA Damage Repair (DDR) assay in a Phase 1 clinical study in multiple advanced cancers
- Global distribution network established across Europe, the Middle East and Asia Pacific with work progressed on distributor training and maintenance and support infrastructure
- Installed base of Parsortix® systems increased to over 290 with cumulative samples processed of 192,000 as at 30 June 2023
- Prostate cancer clinical study patient enrolment complete and breast cancer HER2 assay development progressing well
- Portrait Flex proprietary EMT assay established in ANGLE clinical laboratories and Portrait+ imaging assay kit under development for sale as a product
- Encouraging results from major development effort in progress using third-party molecular platforms with Parsortix harvests
- Eight peer-reviewed publications published during the half-year, bringing the total Parsortix publications to 84 from 35 independent cancer centres
- Board strengthened for the next phase of the Company's development with the appointment of a new Non-executive Chairman and two new Non-executive Directors
- Senior management team strengthened with the appointment of highly experienced, commercially focused industry professionals in the positions of Chief Commercial Officer and Chief Scientific Officer
- Pipeline for products and services businesses building well and H2 2023 expected to continue the strong momentum seen in the first half, delivering revenue in-line with market expectations for the full year
- Headline results from the Company's major clinical studies expected by the year end demonstrating key clinical applications of the Parsortix system for patient care
- Careful control of costs and deferring some discretionary expenditure expected to deliver cash ahead of forecast at the year end and extend cash runway into Q1 2025 without impacting revenues over the next 24 months
ANGLE Founder and Chief Executive, Andrew Newland, commented:
"Encouraging progress was made on multiple levels during the half-year. This was reflected in the beginnings of the post-FDA anticipated revenue ramp delivering revenues trebled year-on-year. Major efforts have been focused on both the products and services commercialisation channels and on the development of "content" in terms of applications for which customers can use the Parsortix system.
The management team has been broadened to drive commercialisation with the appointment of highly experienced Chief Commercial and Chief Scientific Officers and, following a detailed review, resources have been focused to maximise commercialisation and extend the cash runway into Q1 2025.
In the second half, momentum is expected to accelerate further as major streams of work to demonstrate analysis of Parsortix CTC harvests utilising major third-party molecular systems are completed generating new large scale revenue opportunities."
Details of analyst meeting and webcast
A meeting for analysts will be held at 11:00 am today at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.
A live webcast of the analyst meeting can be accessed via ANGLE's Investor Centre page, https://angleplc.com/investor-relations/corporate-presentations/, with Q&A participation for analysts. Please register in advance and log on to the webcast approximately 5 minutes before 11:00 am on the day of the results. A recording of the webcast will be made available on ANGLE's website following the meeting.
For further information:
|ANGLE plc||+44 (0) 1483 343434|
|Andrew Newland, Chief Executive|
Ian Griffiths, Finance Director
Andrew Holder, Head of Investor Relations
Berenberg (NOMAD and Joint Broker)
Toby Flaux, Ciaran Walsh, Milo Bonser
+44 (0) 20 3207 7800
Jefferies (Joint Broker)
Thomas Bective, Shaam Vora
+44 (0) 20 7029 8000
Simon Conway, Ciara Martin
Matthew Ventimiglia (US)
+44 (0) 203 727 1000
+1 (212) 850 5624
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
For Frequently Used Terms, please see the Company's website on https://angleplc.com/investor-relations/glossary/
These Interim Results may contain forward-looking statements. These statements reflect the Board's current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to the general economic climate and market conditions, as well as specific factors including the success of the Group's research and development activities, commercialisation strategies, the uncertainties related to clinical study outcomes and regulatory clearance, obtaining reimbursement and payor coverage, acceptance into national guidelines and the acceptance of the Group's products by customers.
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SOURCE: ANGLE plc