ANPCY Angle Plc Surrey (QX)

EDISON EQUITY RESEARCH: ANGLE - CELLS FOR PRECISION MEDICINE

Angle has transformed into a pure-play diagnostics business. Parsortix, its proprietary cell separation system, can be used to capture and harvest very rare cells from blood for analysis, including circulating tumour cells. Information gained from these cells is essential to a precision medicine approach, a key initiative aiming to improve clinical outcomes. In the near term, Parsortix is being evaluated for use in the pre-surgery triaging of ovarian masses, which could see clinical sales as early as FY H217. Parsortix is launched for the research market and, and for the clinical market has a CE mark in Europe. An FDA application is in progress for the US. We value Angle at $143m or $24/ADS.

Cerulean is a US-based oncology company with a proprietary platform utilizing nanoparticle-drug conjugates (NDCs). Lead product CRLX101 combined with Avastin is in Phase II clinical trials in third- and fourth-line RCC and second- and third-line ovarian cancer. CRLX101 in combination with chemotherapy is also in Phase Ib/IIa in neoadjuvant rectal cancer.

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