Shares of liquid biopsy company ANGLE plc (LON: AGL) are gaining this morning after announcing that it has agreed a pharma services contract with another new customer.
The company recently established its pharma services business, and the new contract will see them develop immunofluorescence (IF) assays using its Parsortix system to detect two specific protein markers.
According to ANGLE, the new customer is a “well-funded clinical-stage development company with established commercialisation agreements with multiple global pharma companies.”
ANGLE will develop the two assays to detect the target proteins in four hard-to-treat cancers as part of the contract. The assays will be developed in its UK R&D facility before being validated at the company's clinical laboratories.
The first phase of work agreed covers the initial assay development and validation contract generating revenues of approximately $ 400,000 over 12 months.
If successful, the customer expects the assays to be utilised in a clinical trial with study sites in the United States and Europe, planned to commence in H2 2022. The clinical trial phase is “expected to generate further significant revenues for ANGLE.”
ANGLE Founder and CEO Andrew Newland commented: “We are delighted to have secured our first assay development contract so soon after launching this service. Research by leading cancer centres has demonstrated the utility of the Parsortix platform in detecting novel drug targets expressed by CTCs and this contract to develop assays against new targets of interest provides further endorsement of our technology.
“DNA damage repair (DDR) is a growing area of interest in new drug development and assay development. The new assays will provide an important addition to our pharma services menu alongside our existing capabilities in PD-L1 for immunotherapy.”
ANGLE's share price is currently trading at 113p, up 5.12%.
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