Edison Issues ADR Update on Angle

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May 27, 2016, 10:46 ET

LONDON, May 27, 2016 /PRNewswire/ --

Angle has raised net $14.1m (£9.6m) via a private placing. This supports Angle's focus on commercializing Parsortix, with the funds being applied to a range of clinical studies to demonstrate utility of Parsortix. Additionally, Angle announced that Cancer Research UK Manchester Institute is adopting Parsortix for routine research use, which will provide recurring sales. FY16 results in July will provide a trading update and more details on the R&D expansion strategy, likely to be scaled up with the benefit of the fund raising.

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We will review our forecasts and valuation after the FY16 results in July. We see the private placement as a first step towards initiating clinical trials with new indications, giving scope for future valuation uplift (albeit diluted by the new shares for now).

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Jonas Peciulis
Edison Investment Research
+44-(0)20-3077-5728

Lala Gregorek
Edison Investment Research
+44-(0)20-3681-2527

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