Angle unveils plans to raise more than £10m

(Sharecast News) - Liquid biopsy specialist Angle is to raise more than £10m to support future growth, the UK company announced on Wednesday.

AIM-listed Angle said it wanted to raise £8.5m through a placing and direct subscription of new ordinary shares, both priced at 15p per share. It will also look to raise up to a further £2.06m before expenses through an open offer.

The Guildford-based firm said the funds would allow it to build on recent commercial momentum, after it signed key agreements with Japanese pharma Eisai and blue chip AstraZeneca.

Angle has agreed to carry out a pilot study with Eisai using its HER2 assay, and will develop methodology with AstraZeneca for CTC micronuclei detection using its DNA Damage Response assay.

The update came as the loss-making business posted revenues in the year to 31 December of £2.2m, up from £1m a year previously.

Pre-tax losses narrowed to £21.6m from £24.4m, while losses per share were 7.73p, compared to 8.79p a year previously.

Chief executive Andrew Newland said Angle had made "considerable" commercial progress during the year.

He continued: "2023 also saw the first product sales from our newly established global distribution network and we are optimistic about the growth in global sales of the Parsortix system, consumables and assay kits during the current financial year.

"I am delighted that 2024 has started strongly, with three new contracts with two large pharma customers, and we look forward to continuing this commercial momentum in the year ahead."

The planned fundraising weighed heavily on the shares, however, and by 1000 BST, shares in Angle were down just over 10% at 16.11p.