NEW YORK — Angle on Thursday reported a 26 percent year-over-year increase in revenues for the first half of 2021 on growing sales of the company's flagship Parsortix tumor cell-sorting system.
For the six-month period ended June 30, Angle's revenues rose to £296,000 ($398,642) from £235,000 a year earlier, although the UK-based firm noted that sales were negatively impacted by the ongoing SARS-CoV-2 pandemic.
During H1 2021, Angle launched a clinical laboratory and pharma services business, and in April it struck its first large-scale pharma services deal with an unnamed partner that is using Parsortix to perform longitudinal monitoring of patients in three separate cancer clinical trials. The company said that it has also signed contracts with two other pharma/biotech customers.
Angle's net loss for H1 2021 increased to £7.5 million, or £3.57 per share, versus a year-ago loss of £5.6 million, or £1.97 a share.
Contributing to the higher losses was a 93 percent jump in H1 operating costs to £8.9 million from £4.6 million in the year-ago period as Angle continued clinical development and validation work on Parsortix, including a study evaluating a Parsortix-based test for ovarian cancer. The company said patient enrollment in that trial is complete, and top-line results are expected in the fourth quarter.
Angle has also submitted Parsortix to the US Food and Drug Administration for use in harvesting circulating tumor cells from metastatic breast cancer patients and expects a regulatory response before the end of the year.
At the end of June, Angle had cash, cash equivalents, and short-term deposits totaling £21.0 million. Early in the second half of the year, Angle raised £20 million in a stock placement.