Trinity Delta Lighthouse: ANGLE
Trinity Delta view: Realising the significant commercial potential of Parsortix requires a number of elements to drive uptake. These include developing both “content” (menus of assays using CTCs harvested by Parsortix) to support both the products and services businesses, and on generating clinical data with Parsortix to demonstrate utility in patient management. ANGLE is growing the assay pipeline and clinical studies are ongoing, with data expected by YE23. Once protocols are developed on third-party molecular systems, this should open up a large installed base that could adopt Parsortix. Together with new pharma services contracts, this will be key for future growth. Whilst commercialisation of Parsortix is still at an early stage, momentum is clearly building and ANGLE is continuing to make progress in developing potentially sizeable revenue opportunities. Our DCF-based valuation is £253m, equivalent to 97p/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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