StockMarketWire.com - ANGLE has announced the conditional acquisition of certain assets of Axela Inc for C$6.15m (approximately £3.7m) together with a conditional placing and subscriptions (including a subscription by Covington, Axela's major shareholder and creditor) to raise £12.2m, gross, at 35p per sshare.

ANGLE founder and chief executive, Andrew Newland, said: 'We are delighted to announce the conditional acquisition of certain assets from Axela that enable the downstream analysis of circulating tumour cells (CTCs) harvested by ANGLE's Parsortix system.

'These assets, in combination with Parsortix, are expected to enable ANGLE to offer a full liquid biopsy "sample to answer" solution.

'Axela is a highly sensitive platform that can analyse up to 100 genes simultaneously and at a low cost.

'Its performance was proven analysing the CTCs harvested by Parsortix in our US ANG-003 200 patient ovarian cancer study. We believe the Parsortix Axela combination will provide a highly effective cancer gene panel solution based on a simple blood test that has the potential to enable precision medicine and transform cancer care in the future.

'Cancer is a highly heterogeneous disease and we believe that cancer gene panels are a key element in providing effective clinical applications.

'ANGLE's strategy remains to partner its Parsortix cell harvesting technique with as many downstream analysis technologies as possible.

'The goal is for Parsortix to become the adopted standard for harvesting cancer cells for analysis from blood across a wide range of clinical applications in different cancer types.

'We are also delighted that the £12.2 million conditional fundraising has been so well supported by both existing and new institutional shareholders.'










Story provided by StockMarketWire.com