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Angle to Raise £20M Through Stock Placement

NEW YORK — Angle on Thursday said that it plans to raise up to £20 million ($27.8 million) in a stock offering that will provide funding to continue evaluating its flagship Parsortix tumor cell-sorting system in prostate cancer, among other things.

UK-based Angle said it is offering up to 17,241,380 common shares at £1.16 apiece, which would represent roughly 7.4 percent of the company's total share capital following the placement.

Angle said that it intends to use £7 million of the proceeds to run studies of Parsortix in prostate cancer. Another £8 million from the offering will be used to support Angle's ongoing work with Parsortix in breast and ovarian cancer, which includes an ovarian cancer clinical verification study expected to report initial results in the fourth quarter, as well as accelerate the firm's pharma service business with particular emphasis on the measurement of PD-L1, a protein target for immunotherapy.

In April, Angle announced that it had struck its first large-scale pharma services contract under which an unnamed pharmaceutical partner will use Parsortix to perform longitudinal monitoring of patients in three separate global clinical trials in prostate cancer and other locally advanced and metastatic solid tumors.

A total of £3 million will be used to establish a senior management team in the US, with the remaining £2 million going to building up Angle's assay development capability. Earlier this year, Angle said it completed fitting out and staffing a clinical service lab in Plymouth Meeting, Pennsylvania.