Angle secures first large-scale pharma contract worth up to $1.2m
(AGL ) announced that it has secured its first large-scale pharma services contract worth up to US$1.2 million with potential for further contracts from the same customer.
The liquid biopsy firm told investors that the customer is an unnamed pharma company with ‘numerous cancer drugs under development’ and revenues exceeding $1bn a year.
The customer has selected Angle’s Parsortix® system to undertake longitudinal monitoring (i.e. before, during and after drug intervention) of patients in three separate global clinical trials in prostate cancer and other locally advanced and metastatic solid tumours.
Angle believes Parsortix has the potential to deliver profound improvements in clinical and health economic outcomes in the treatment and diagnosis of various forms of cancer.
This latest contract represents the first large-scale adoption of the Parsortix system for processing patient blood samples to help inform decision making in cancer drug trials.
The work under the contract, which is expected to be worth up to US$1.2m over some 18 months, relates to a large Phase III prostate cancer study and two smaller Phase I studies.
Shares in Angle have nearly doubled in value since the beginning of 2021. The stock was trading 5.17% higher this morning at 87.5p following the company’s announcement.
The Phase I studies, if successful, could progress to larger Phase II studies and, if successful, much larger Phase III studies, Angle informed investors. Angle noted that its services will cover the capture, harvest and analysis of circulating tumor cells (CTCs) and CTC clusters.
The Company said samples are now being shipped from multiple study centres to ANGLE's clinical laboratories in the UK and United States for analysis using the Parsortix system.
The Parsortix liquid biopsy has particular advantages in capturing intact cancer cells including mesenchymal cells and clusters and provides the opportunity for longitudinal testing in a clinical setting, which is not possible with tissue biopsy, the company noted.
The Company said it believes that longitudinal monitoring of CTCs will prove “highly attractive” to the pharma industry looking for new insights in cancer drug trials.
Commenting on today’s news, Angle’s Founder and Chief Executive Officer, Andrew Newland said: "We are delighted to have contracted with a pharma company developing numerous cancer drugs and look forward to working closely with them on their trials.”
He added, “ANGLE believes that there is a substantial business opportunity in providing services to pharma and biotech customers to support cancer drug trials.
This contract demonstrates that our investment in clinical laboratories and a pharma services business, a key use of proceeds from our fundraising in October 2020, is already delivering.”
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