ANGLE in talks over multiple large pharma deals, but cautions on 'binary' nature of these contracts
Published: 02:47 28 May 2025 EDT
ANGLE PLC (AIM:AGL, OTCQX:ANPCY) said it is in active discussions over multiple large-scale commercial opportunities with pharmaceutical and diagnostics companies, as it continues to build momentum in the liquid biopsy market.
The AIM-listed group, which develops blood tests to detect and monitor cancer by analysing circulating tumour cells (CTCs), said the timing of these potential deals remains uncertain, and tends to be 'binary in nature', but noted they could deliver growth beyond the modest increase expected for 2025.
Demand from the pharmaceutical sector is rising as companies look for less invasive, more efficient tools to guide cancer drug development.
In results for the year to 31 December, ANGLE reported a 31% rise in revenue to £2.9 million, while operating costs were cut by 27% to £16.9 million. The full-year loss narrowed to £14.2 million, down from £20.1 million in 2023.
A £9.3 million fundraise in June helped the company end the year with £10.4 million in cash.
The business has shifted its focus towards larger pharmaceutical customers. Completed projects include collaborations with AstraZeneca on prostate and multi-cancer assays and with Eisai on a breast cancer trial, where ANGLE’s HER2 test was used to track changes in tumour status over time.
ANGLE also advanced work on dual DNA analysis, using next-generation sequencing to examine both circulating tumour cells (CTC-DNA) and cell-free DNA (ctDNA) from a single blood sample.
The approach is designed to offer more comprehensive insights into tumour biology, opening the door to new applications in oncology research.
Product sales, however, were hit by new regulatory requirements in the US and a global slowdown in research funding.
Outside of this, ANGLE's technology featured in 12 peer-reviewed scientific papers in 2024, bringing the total number of publications to 104 across 42 independent research centres.
The company said it has sufficient funding, including tax credits, to support operations into the first quarter of 2026, and that its validated test menu is expanding as a result of completed pharma collaborations. It is now awaiting further updates from partners, including AstraZeneca and BlissBio, on next steps.
CEO Andrew Newland added: "We entered 2025 with our large pharma contracts either successfully completed or progressing well and are confident that these have the potential to lead to larger-scale opportunities."
