Angle raises $11.2 million to aid development of Parsortix cancer cell filter

UK-based medtech company Angle (AIM: AGL) has raised £7.3 million ($11.2 million) through issuing new shares. It has also announced an offer of new ordinary shares to certain existing shareholders to raise up to an additional £1.5 million.

The funds will enable the company to follow up a promising recent study of its Parsortix cancer cell filter in ovarian cancer, carried out by the Medical University of Vienna, Austria. The company has also signed a collaboration with Texas University’s MD Anderson Center to investigate Parsortix in colorectal cancer. One avenue of investigation will be the key markers of circulating tumor cells and the use of the Parsortix filter alongside Erbitux (cetuximab), marketed by German drugmaker Merck Serono, a subsidiary of Merck KGaA (MRK: DE).

Andrew Newland, Angle’s founder and chief executive, said: “In our announcement on January 27, 2015, we stated that we would be focusing our resources to deliver the ovarian cancer opportunity as quickly as possible.  We are delighted that investors share our view of this opportunity and we have been able to secure the funding so quickly.  The company is now fully-funded to deliver a clinical application addressing a very strong medical need in ovarian cancer in a market that we estimate may be worth £300 million per annum.”