Angle signs new agreement US biotech Recursion

19th Sep 2024 12:40

(Sharecast News) - Angle's share price received a boost on Thursday after the liquid biopsy company announced a new agreement with Utah-based biotech firm Recursion Pharmaceuticals.

The agreement is confidential between the two parties, but is said to involve Angle's Parsortix technology - a unique method for capturing and harvesting intact circulating tumour cells (CTCs) and CTC clusters from whole blood for downstream analysis.

According to Angle, CTCs are hard-to-find cancer cells that have detached from the primary tumour and entered the circulation.

Angle's chief executive Andrew Newland said the size of the study was "modest" but highlighted the potential for larger follow-on contracts if successful.

"Recursion has partnerships with multiple leading large pharma companies and this agreement, Angle's fourth for 2024, further builds on the expansion of our large pharma services business," he said.

The news comes just a week before the AIM-listed firm's results for the first half due on 26 September.

The stock was up nearly 3% at 11.05p by 1237 BST.