StockMarketWire.com - ANGLE has announced a collaboration with the MD Anderson Cancer Center to investigate the clinical use of ANGLE's Parsortix system as a companion diagnostic in colorectal cancer.

And ANGLE has raised £7.3m through a placing of 10,272,587 new ordinary shares at 65p apiece and announced a subscription offer of up to 2,307,692 shares to raisea further £1.5m.

The University of Texas MD Anderson Cancer Center is one of the world's most respected centres devoted exclusively to cancer patient care, research, education and prevention. MD Anderson was created in 1941 as part of The University of Texas System. United States News & World Report's 'Best Hospitals' survey has ranked MD Anderson as one of the nation's top two cancer centres every year since the survey began in 1990. MD Anderson's Clinical Center for Targeted Therapy is the largest programme in the world expediting the development of new cancer drugs.

The research collaboration is being led by Drs. Mien-Chie Hung, Vice President for Basic Research, and Chairman of the Department of Molecular and Cellular Oncology, Scott Kopetz, Associate Professor, GI Medical Oncology and Shulin Li, Professor, Pediatrics, The University of Texas MD Anderson Cancer Center.

MD Anderson will recruit 50 metastatic colorectal cancer patients for the patient study, which is expected to report by the end of the year. Blood will be collected from each patient and processed using ANGLE's Parsortix system.

ANGLE says the net proceeds of the placing and the subscription of approximately £6.7m will be used for:

- Progress first clinical application in ovarian cancer following the Medical University of Vienna patient study reporting that the Parsortix system delivers 'unprecedented sensitivity and specificity' in ovarian cancer;

- Ongoing key opinion leader relationships including the new MD Anderson collaboration to investigate the use of Parsortix as a companion diagnostic in colorectal cancer announced today;

- Develop sales for research use to support drug trials and other research to generate commercial traction and provide companion diagnostic clinical opportunities; and

- General working capital purposes and strengthening of the balance sheet.




At 8:39am: [LON:AGL] ANGLE PLC share price was -9p at 75.25p



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