30th Jan 2020 11:41
(Alliance News) - Liquid biopsy company Angle PLC on Thursday reported a revenue rise but a widened loss, amid a rise in operating costs.
In the six months to October 31, revenue was 47% higher at GBP401,000 from GBP273,000 the year period.
Angle's pretax loss widened to GBP6.4 million from GBP5.0 million.
Operating costs came in 26% higher at GBP6.7 million from GBP5.3 million, as the company ramped up investment in studies to support its application for commercial use of Parsortix.
Earlier in January, Angle said it expects the cancer treatment to secure US Food & Drug Administration consent later this year, following a "successful" face-to-face meeting with the regulator.
Angle said: "Major progress was made during the period in the completion of the clinical and analytical studies to support FDA clearance of the company's Parsortix system in metastatic breast cancer.
"We are now progressing a full de novo FDA submission with the prospect of FDA clearance in the third quarter of 2020."
Angle in October said it is following the de novo regulatory submission pathway for its Parsortix system. This is used when a product is considered "novel" by the FDA, with no similar product already on the market.
The company also added that it has changed its year end date to December 31.
It will publish results for the eight months to December 31, 2019 in April, before reporting its interim numbers for the six months to June 30 in September.
Angle shares were 0.6% higher at 73.45 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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