StockMarketWire.com - ANGLE has signed a contract with The University of Manchester, acting in this instance, through the Cancer Research UK Manchester Institute.

This will allow incorporation of ANGLE's Parsortix system in the Clinical and Experimental Pharmacology group for routine use in clinical trials and for research purposes. The contract also provides for the continuation of the Clinical and Experimental Pharmacology group's work on the development and validation of new protocols demonstrating the system's utility for various applications in a variety of cancer types thereby enhancing the customer offering. Utilisation of the Parsortix system in clinical drug trials is a key part of ANGLE's strategy for commercialising Parsortix. Work by the Clinical and Experimental Pharmacology group to integrate the Parsortix system into clinical trial work flows will be key to ensuring wider adoption into a wide range of clinical trials.

ANGLE also announced that it has raised GBP10.2m, gross, through a placing of 15,815,436 new ordinary shares at 64.50p apiece.

The net proceeds of the Placing will be used for the following purposes: · Clinical studies to demonstrate utility of the Parsortix system in:

- ovarian cancer studies in the United States

- prostate cancer liquid biopsy alternative to prostate biopsy

- breast cancer liquid biopsy alternative to invasive metastatic breast cancer biopsy

· Driving Parsortix system sales through adoption in research-use setting by investing in:

- sales & marketing

- research & development

- key opinion leader projects

· General working capital requirements and strengthening the Company's balance sheet.




Story provided by StockMarketWire.com