Edison Initiates Coverage on Angle

LONDON, July 31, 2015 /PRNewswire/ --

Highlights of the analysis on Angle by Edison's healthcare analysts Dr Lucy Codrington and Franc Gregori include:

Angle is a pure-play specialist diagnostics company. The proprietary Parsortix cell separation platform can be used for the detection and harvesting of very rare cells from a blood sample, including circulating tumour cells (CTCs). The resulting liquid biopsy enables the analysis of these cells for precision cancer care.

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We value Angle at £92.8m or 157p/share, based on a three-phase DCF valuation using comprehensive forecasts for the period through to 2025, with less detailed cash flows to 2035 followed by a terminal growth rate of 2%. Our valuation is based on sales of Parsortix for use in research and clinical sales for the pre-surgery triaging of ovarian masses, with no contribution from other potential applications or the technology platform. Cash of £8.4m at FY15 should be sufficient to allow Angle to operate through to end-2017. We anticipate profitability in 2019.

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All reports published by Edison are available to download free of charge from its website http://www.edisongroup.com.

About Edison: Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support their capital markets activities. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:
Dr Lucy Codrington   Edison Investment Research   +44(0)20-3681-2527
Franc Gregori        Edison Investment Research   +44(0)20-3077-5728
[email protected]
Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  
LinkedIn  http://www.linkedin.com/company/edison-investment-research
Twitter   http://www.twitter.com/Edison_Inv_Res
YouTube   http://www.youtube.com/edisonitv

SOURCE Edison Investment Research

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