For immediate release |
31 January 2013 |
ANGLE plc
("ANGLE" or the "Company")
FUNDRAISING AND DIRECTOR'S DEALINGS
ANGLE plc, the specialist medtech company, is pleased to announce that it has successfully completed a fundraising of up to £2.2 million (the "Fundraising") net of costs. Investors will acquire up to 4,526,000 new ordinary shares of 10p per share in the Company (the "Fundraising Shares") at a price of 50 pence per share representing a discount of 17.4% on the mid price of 60.50 pence per share at close of business on 30 January 2013.
The proceeds of the Fundraising will be used to strengthen the Company's financial position and support the launch of the Parsortix cancer diagnostic product for the research market.
The Fundraising Shares will represent approximately 10.0% of the enlarged issued share capital of the Company and will rank pari passu in all respects with ANGLE's existing ordinary shares, including the right to receive and retain all dividends and other distributions declared, made or paid after admission of the Fundraising Shares to trading on AIM ("Admission"). The number of ANGLE ordinary shares in issue following Admission of the Fundraising Shares will be 45,243,059.
The Fundraising was supported both by existing shareholders and new investors. Brian Howlett, the Company's recently appointed Non-Executive Director, has subscribed for 10,000 shares. Following the subscription, he will have a beneficial interest in 10,000 ANGLE ordinary shares, representing 0.02% of the enlarged issued share capital of the Company.
The allotment of the Fundraising Shares, which is under existing authorities, is conditional on admission of the Fundraising Shares to trading on AIM becoming effective in accordance with the AIM Rules for Companies. It is expected that the Fundraising Shares to be issued to EIS and VCT qualifying investors (being 1,776,000 shares) will be admitted to trading on AIM and dealings will commence no earlier than 8.00am on 7 February 2013. Fundraising Shares issued to other investors (being 2,750,000 shares) will be admitted to trading on AIM and dealings will commence no earlier than 8.00am on 8 February 2013.
Since the initiation of its work to develop its Parsortix technology for the capture of circulating tumour cells (CTCs) in cancer patient blood, ANGLE has undertaken a number of relatively modest fundraisings. These have been designed to deliver specified milestone progress with the intention of building value between fundraisings to limit equity dilution to shareholders as a result of the necessary capital raising.
As described in the Interim Results released today and in recent announcements, progress has been rapid and ANGLE's success in automating the Parsortix non-invasive cancer diagnostic system has provided a platform for launch of the product into the research market. We are now focused on achieving early sales in the research market and initiating work towards attaining CE marking in Europe and appropriate FDA approval in the United States to allow the product to be used in the much larger clinical market in the treatment of patients.
To support this work and to put the Company in a stronger position from which to negotiate commercial deals in relation to its Parsortix platform, the Board considered it appropriate to raise a somewhat larger sum of funding.
The funding will also enable the Company to accelerate the development of its new capability, announced earlier this month, to allow the recovery of whole, intact CTCs from the Parsortix device offering the potential for liquid biopsy where cancer cells are obtained from a blood sample rather than requiring surgical intervention.
ANGLE Founder and Chief Executive, Andrew Newland, commented:
"We are delighted that shareholders have recognised the progress made against milestones and have continued to support the Company. The funds raised will enable us to continue the strong progress of our Parsortix system as we move into a new phase of product launch, validation and regulatory approval."
For further information:
ANGLE plc |
01483 685830 |
Andrew Newland, Chief Executive Ian Griffiths, Finance Director |
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Cenkos Securities Stephen Keys, Adrian Hargrave (Nominated adviser) Andy Roberts, Christian Hobart (Sales) |
020 7397 8900 |
Buchanan Mark Court, Fiona Henson, Sophie Cowles |
020 7466 5000 |
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