Angle strikes supplier deal with AstraZeneca

3rd May 2024 07:58

(Sharecast News) - Liquid biopsy technology firm Angle has struck a supplier deal with pharmaceutical giant AstraZeneca to develop an androgen receptor detection assay to enhance prostate cancer studies.

Angle said on Friday that the agreement was an extension of a previous arrangement to develop a methodology for detecting CTC micronuclei, using its innovative Parsortix system, and held a total contract value of £550,000.

The AIM-listed group added that the project was scheduled for completion in the first quarter of FY25.

"This is further validation of Angle's Parsortix system which shows potential for long-term large-scale revenues in bringing innovative new cancer drugs to the market," said chief executive Andrew Newland. "We anticipate that success in this first phase of assay development may lead to much larger contracts for use of the assay in clinical trials."

As of 0910 BST, Angle shares had rallied 15.64% to 15.90p.

Reporting by Iain Gilbert at Sharecast.com