ANGLE plc's (LON: AGL) share price is gaining on Friday after the company confirmed it has raised £20 million by placing 17.2 million shares at a price of 116p with new and existing investors.
The price represents a discount of approximately 6.83% to the closing mid-market price of 124.5p on 23 June. The shares represent about 7.40% of the company's enlarged issued share capital.
The company said the proceeds will enable them to add to the current momentum in the commercialisation process of our Parsortix system.
£7 million will go towards a prostate cancer opportunity, £3 million for building a senior management team in the United States, £2 million on its assay development capabilities, and £8 million on ongoing operations for breast and ovarian cancers and to strengthen the balance sheet for pharma services.
ANGLE Founder and CEO Andrew Newland commented: “We would like to thank our shareholders for their continued strong support and welcome new shareholders to the ANGLE register.
“The proceeds from this Placing will enable ANGLE to add to the current momentum in the commercialisation process of our Parsortix system and open up new market opportunities in Prostate Cancer diagnosis, an area of significant medical need. ANGLE looks forward to announcing further progress on multiple fronts in H2 CY21, including the prospect of FDA clearance for the Parsortix platform.”
ANGLE's share price is priced at 127.5p, up 2.12%, adding to the 165.9% year to date gains.
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