Trinity Delta Lighthouse: ANGLE
Trinity Delta view: ANGLE’s strategy centres on growing its Pharma Services as it seeks to widen commercial adoption of its proprietary Parsortix technology for CTC capture and subsequent downstream analysis. The marketing focus shifted a year ago towards the better-resourced large pharma customers where, despite more complex selling cycles, there is the potential to drive significant mid- and longer-term revenues. An analogous approach is addressing medtech diagnostics companies to support development of new assays and/or companion diagnostics. There is increasing clinical acceptance that CTC-driven diagnostics can provide complementary actionable information to current liquid biopsy methods, such as ctDNA, including invaluable additional insights that such methods alone cannot. However, headwinds affecting the diagnostics sector remain and ANGLE is not immune to these. As usual following H125 results and updated guidance, we suspend our forecasts and valuation pending review; for context, our prior valuation was £118m, or 37p per share.ANGLE is a holding company. Through its subsidiares, Co. operates as a medical diagnostic company focusing on the development of products in the fields of cancer diagnostics and foetal health. Co. develops products for use in rare cell diagnostics that enable early identification of an individual's condition for the prevention, treatment, and monitoring of disease. Co.'s principal trading activity is undertaken in relation to the development and commercialization of the Parsortix cell separation system, with deployment in liquid biopsy (non-invasive cancer diagnostics).
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