Edison Issues ADR Update on Angle (ANPCY)

LONDON, August 3, 2016 /PRNewswire/ --

Recent newsflow from Angle and the FY16 report released last week showed progress in developing and commercializing the liquid biopsy diagnostic system Parsortix. The R&D strategy is progressing, with the ovarian cancer trials recruiting first patients in the US and Europe and on track to deliver data around end-2016, while the first research use sales met our expectations and a new large client is on board. Our updated valuation of Angle is $171m (vs $136m previously).

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We have revised our valuation of Angle and now include metastatic breast cancer and prostate cancer applications in addition to our previous DCF-based valuation of Angle's core operations and ovarian cancer application. We calculate the two new applications add $20m to Angle's valuation. Following strong news flow in recent months, ramp-up of R&D activities and initial sales meeting our expectations, we increase our valuation to $171m (from $136m) or $23/ADR.

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About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.

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For more information please contact:
Jonas Peciulis                     
Edison Investment Research   
+44(0)20-3077-5728

Lala Gregorek                     
Edison Investment Research             
+44(0)20-3681-2527
[email protected]

SOURCE Edison Investment Research

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