angle plc 30 january 2014: interim results for the year ended 31 october 2013
TRANSCRIPT
Interim Results for the six months ended 31 October 2013
Parsortix development completed and CE Mark awarded
Andrew Newland and Ian Griffiths30 January 2014
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Highlights
Completed the key development phase for the Parsortix system for capturing circulating tumour cells (CTCs)
Balance sheet and medtech focus strengthened by sale of Geomerics to ARM Holdings for up to £6.2m - £5.5m already received
CE Mark awarded for clinical use in Europe
Parsortix system well received by research partners, University of Surrey Oncology Group and Cancer Research UK’s Paterson Institute for Cancer Research
Now being evaluated by key opinion leaders in the fields of cancer diagnosis and treatment
ANGLE now focused on securing US regulatory authorisation and building the platform for widespread market adoption for the treatment of cancer patients
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Financial Results for the six months ended 31 October 2013
H1 2014 H1 2013
Statement of Comprehensive Income £’000 £’000
Revenue 414 467
Investments portfolio gain 404 286
818 753
Operating costs (1,374) (1,126)
Other income 80 14
Loss before tax (476) (359)
Statement of Financial Position 31Oct13 30Apr13
Investments 4,839 3,961
Trade and other receivables 530 454
Inventories 15 62
Cash 358 1,828
Property, plant and equipment 198 138
Intangible assets 1,099 1,080
Total assets 7,039 7,523
Comments
Increased investment principally in Parsortix of £1.1m up from £0.8m • Operating costs £0.8m
• Capitalised expenditure £0.3m
Geomerics non-core investment £4.8m • Sold after period end
• Up to £6.2m cash
• £5.5m received
Value of investments increased by £0.9m
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Parsortix PR1 Machine successfully developed
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Parsortix PR1 System set for automated harvesting
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GEN3 cassette: captured HT-29 colorectal cancer cells
Source: University of Surrey Oncology Department
CK20 –greenCD45 – redNuclear stain - blue
HT29: CK20+ CD45-WBC: CK20- CD45+
Spiked whole blood
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Key applications of Parsortix
Presence
−Microscope slide capture device enables the morphological examination of captured cells with clear visibility of cell structure
−Step separation of 20µm allows easy visual sizing of cells
−Automated cell identification possible in situ within the cassette with a choice of up to 7 reagents e.g. CK18+, DAPI+ and CD45-
Counting
−Microscope slide format enables the user to view and count captured cells
−Indication of disease status and progression
Harvesting
−Automated recovery of intact, undamaged, viable cells allows DNA analysis
−High level of cell purity
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Research partners
University of Surrey Oncology Department
Colorectal cancer patient validation
High CTC capture rate
Parsortix system demonstrated twice the sensitivity of currently accepted clinical practice for CTC capture
Cancer Research UK’s Paterson Institute for Cancer Research
Positive evaluation. Key advantages identified:−Epitope independent (does not use antibody capture)−“Plug and play”−Operationally versatile−Biomarker compatible (harvested cells can be analysed)
Parsortix included in Paterson’s ongoing efforts to deliver personalised medicine
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Sales platform
Sales priority to establish Parsortix in clinical practice−working with cancer research centres to identify clinical applications−securing positive clinical data demonstrating medical utility−key opinion leader support
21 Parsortix PR1 systems deployed – 12 with key cancer groups−5 with research partners, Cancer Research UK’s Paterson Institute for Cancer
Research and the University of Surrey Oncology Group−3 leading cancer research centres in London, Cambridge and Germany−3 leading hospitals in London and Oxford−1 with a diagnostic company
Priority deployment of machines with key cancer groups
Beginning deployment of systems in support of research sales
Expect revenues to take time to develop and be modest initially
As each clinical application established expect sustained revenue growth for that application
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Cambridge Parsortix laboratory
Partnership with Medical Research Council’s Cancer Unit at the University of Cambridge to establish a Cambridge Parsortix laboratory
MRC Cancer Unit is a key opinion leader
MRC Cancer Unit research team, and the wider scientific community at the University of Cambridge and Addenbrooke’s hospital, access to the Parsortix system
Important recognition of the Parsortix system that the MRC Cancer Unit has decided to invest in establishing a stand-alone Parsortix laboratory within its facility
Core areas of investigation−Bowel cancer including colorectal, pancreatic and oesophageal cancers−Detection of cancer−New drug compounds−Gene mutation analysis and next-generation sequencing (NGS)
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Next Generation Sequencing
Third Scientific Adviser appointed
Dr Harold Swerdlow leading expert in next-generation sequencing (NGS)
Head of Research and Development for Wellcome Trust Sanger Institute
Invented core technology relating to NGS and commercialised this at Solexa Ltd
Solexa was acquired by Illumina for US$600 million
Directs all next-generation DNA sequencing at Sanger
NGS premier technique in genetic and genomic analysis, fundamental to personalised cancer treatment
Aligning Parsortix with NGS key commercial objective
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Objectives for current financial year
Strengthen balance sheet with sale of Geomerics - achieved
Place Parsortix system with key opinion leaders – in progress
3rd party validation of the Parsortix system - achieved
Select a manufacturing partner and establish quality control systems -achieved
Plan for regulatory authorisation for the product to be used in the clinical market - achieved
CE Mark authorisation for clinical sales in the Europe - achieved
Application to the FDA for authorisation for clinical sales in the United States in Q1 2014
Market entry plan for Parsortix
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Andrew Newland
ANGLE plc
3 Frederick Sanger Road
The Surrey Research Park
Guildford GU2 7YD
United Kingdom
Tel: +44 1483 685830
Fax: +44 1483 685836
Email: [email protected]
Website: www.ANGLEplc.com
Contact details