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Shares of liquid biopsy firm Angle plc (LON: AGL) are climbing on Friday after the company said it has secured its first large-scale pharma services contract.
The contract is with a pharmaceutical company is expected to be worth up to $1.2 million over 18 months.
The customer, which has numerous drugs under development with revenues exceeding $1 billion, has selected ANGLE's Parsortix system to undertake longitudinal monitoring (before, during and after drug intervention) of patients in three separate global clinical trials in prostate cancer and other locally advanced and metastatic solid tumours.
The work relates to a significant Phase 3 prostate cancer study and two smaller Phase 1 studies. The Phase 1 studies, if successful, could progress to more extensive Phase 2 studies and, if successful, much larger Phase 3 studies.
The contract represents the first large-scale adoption of Angle’s Parsotix system, with the company believing that longitudinal monitoring of circulating tumour cells will prove highly attractive to the pharma industry looking for new insights into cancer drug trials.
“ANGLE believes that there is a substantial business opportunity in providing services to pharma and biotech customers to support cancer drug trials. This contract demonstrates that our investment in clinical laboratories and a pharma services business, a key use of proceeds from our fundraising in October 2020, is already delivering,” said ANGLE Founder and Chief Executive Andrew Newland.
Angle’s share price has risen 5.7% in the morning session, trading at 88p per share.
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