NEW YORK (GenomeWeb) – Angle announced today a conditional placing and subscription intended to raise £12 million ($15.9 million) in gross proceeds.
The UK firm plans to place roughly 24 million ordinary shares at 50 pence per share, and subscriber who is a member of the firm's staff, plans to subscribe for 30,000 new ordinary shares at 50 pence per share.
Proceeds from the financing, along with existing cash, will be used to support studies for regulatory submissions to the US Food and Drug Administration for the company's metastatic breast cancer test, to progress development of a prostate cancer test, to conduct "certain incremental product development improvements," and to cover ongoing operational expenses, Angle said.
FinnCap and WG Partners are joint brokers on the offering.
"The new funding will allow us to strengthen our leadership position in the emerging multi-billion dollar liquid biopsy market," Angle Founder and CEO Andrew Newland said in a statement. "The additional funding will strengthen the business in discussions with corporate partners, extend the cash runway significantly past the expected timescale for FDA clearance, and will enable us to prepare for revenue growth."