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Liquid Biopsy Firm Angle FY19 Revenues up 8 Percent

NEW YORK — UK liquid biopsy firm Angle reported an 8 percent year-over-year increase in revenues for the fiscal year ended April 30 amid continued uptake of its research-use-only Parsortix system for circulating tumor cell (CTC) collection.

The company reported unaudited revenues of £678,000 ($827,991) for the fiscal year compared with £628,000 last year. Grant income more than tripled to £175,000 from £52,000 in 2017.

The firm's net loss for the fiscal year climbed to £8.9 million, or £6.56 per share, from £7.5 million, or £7.91 a share, a year earlier. 

Driving the increased loss was a 23 percent rise in operating costs to £11.6 million from £9.4 million as Angle continued to develop and validate Parsortix for clinical use. These efforts include a recently completed US trial that demonstrated the system's ability to capture and harvest CTCs from the blood of metastatic breast cancer patients for evaluation with various technologies including PCR and RNA sequencing. 

The company aims to submit Parsortix to the US Food and Drug Administration in the fourth quarter, with regulatory clearance expected in the first quarter of 2020.

"Strong progress has also been made with our test for ovarian cancer in women with an abnormal pelvic mass," Angle Nonexecutive Chairman Garth Selvey said in a statement. He added that a 200 patient clinical verification study is expected to start in the third quarter and wrap up in early 2020.

At the end of April, Angle had £11.0 million in cash and cash equivalents. In June, the company raised £18 million through a new share placement.