Trinity Delta Lighthouse: ANGLE
Trinity Delta view: This first assay development contract marks another step in expanding ANGLE’s pharma services offering, one of four commercial revenue streams for the Parsortix system. This business line provides analysis of CTCs for clinical trials from ANGLE’s UK and US clinical laboratories. The new contract, coupled with the growing body of translational research demonstrating the utility of the Parsortix system in detecting novel drug targets expressed by CTCs as well as monitoring patient responses to treatment, provides important external endorsement of ANGLE’s technology and capabilities. Additional pharma services contracts, corporate partnerships, and development of new assays and LDTs (lab developed tests) will all contribute to commercial momentum, with two H221 catalysts anticipated to represent major inflection points. The potential FDA clearance of Parsortix as a Class II medical device for harvesting of CTCs for subsequent analysis in metastatic breast cancer could occur in H221, with top line results of the ovarian cancer clinical verification study expected in Q421. Our DCF-based model values ANGLE at £570m ($741m), or 244p/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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