Conditional Fundraising

RNS Number : 4488K

Angle PLC

15 July 2011

 



For immediate release

15 July 2011

ANGLE plc

("ANGLE" or the "Company")

Conditional Fundraising

ANGLE plc, which focuses on the commercialisation of technology and the development of technology-based industry, is pleased to announce that it has successfully completed a conditional fundraising of up to £1.25 million (the "Fundraising"), approximately £1.2 million net of costs.  Investors will acquire up to 5,020,000 new ordinary shares of 10p per share in the Company (the "Fundraising Shares") at a price of 25 pence per share representing a discount of 11.5% on the mid price of 28.25 pence per share at close of business on 14 July 2011.

The proceeds of the Fundraising will be used to strengthen the Company's balance sheet, help meet corporate overheads during the next 12 months and allow the Company to progress its medical diagnostic company Parsortix. 

The Fundraising Shares will represent approximately 14.2% 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 35,457,279.  

The Fundraising included both a direct subscription to the Company and a placing of new ordinary shares of 10p each in the Company (the "Placing") and was supported both by existing shareholders and new investors.  Options to subscribe for 200,000 new ordinary shares of 10p per share in the Company at an exercise price of 25 pence per option, representing 0.6% of the enlarged issued share capital of the Company have also been granted as part consideration in respect of the Placing.

As announced on 5 May 2011, ANGLE has been working with Parsortix seeking to demonstrate that its cell separation device has the capability to isolate cancer cells in blood.  As further announced on 28 June, initial experiments have been successful in capturing cultured breast cancer cells that had been added to healthy whole blood. This "spiked blood" experiment is a pre-cursor to isolating cancer cells in cancer patient blood. Whilst the results are encouraging, the experiments were early stage and are subject to further work in order to validate the initial findings which ANGLE is now undertaking. It is anticipated that this further work will be completed by the end of September 2011.

The Company expects to spend c. 80% of the funds raised progressing its cancer diagnostic technology to fund the definitive validation of its initial findings, to optimise the separation device and commence beta testing of the device with cancer clinics.  The remaining funds will strengthen the Company's balance sheet.

Although ANGLE's management service revenues from Government contracts continue to be constrained, ANGLE is trading in line with management's expectations and expects to announce its preliminary results on 28 July 2011.

The Directors believe that taking this opportunity to raise additional capital is in the best interests of the Company and its shareholders.  The allotment of the Fundraising Shares, which is under existing authorities, is conditional on, inter alia, admission of the Fundraising Shares to trading on AIM becoming effective in accordance with the AIM Rules for Companies.  Application will be made for the Fundraising Shares to be admitted to AIM following receipt of Advance Assurance from HMRC of eligibility for EIS relief.  It is currently anticipated that trading will commence in the Fundraising Shares in August 2011.

Commenting on the Fundraising, Andrew Newland, Chief Executive of ANGLE said:

"We believe that Parsortix's cell separation technology can be deployed not only in foetal health diagnostics but also in the capture and counting of circulating tumour cells, with the potential to address a major market need in cancer diagnostics.  We are delighted that our Parsortix technology has captured the imagination of investors and we look forward to progressing the technology to the next stage."

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Collins Stewart Europe Limited Matt Goode WH Ireland Limited Ruari McGirr	0207 523 8350 0207 220 1666
Buchanan Lisa Baderoon, Catherine Breen	020 7466 5000
Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee	0207 653 0030

Notes to Editors

ANGLE plc 

Founded in 1994, ANGLE focuses on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients. 

ANGLE's specialist Management services business provides support on a fee-for-service basis to major clients around the world involved in incubation, IP commercialisation, SME innovation and growth and the operation of science & technology parks.

ANGLE also owns a portfolio of company holdings with high growth potential in the medical and technology sectors.  These have been developed whilst subsidiaries of ANGLE using its proprietary Progeny® process.  ANGLE seeks to retain a substantial shareholding in these companies with a view to ongoing returns from dividend, milestone, royalty and capital returns.   

ANGLE's technology commercialisation skills are of increasing relevance as global economies focus on regeneration, innovation and value added components to their industries.  ANGLE's technology skills in IT and software, medical and life sciences, clean tech and renewable energies are directly relevant to major growth markets of the future and are marketed as specialised Management services.

ANGLE is quoted on AIM (AGL.L); further information can be found on www.ANGLEplc.com  

 

END

 

 

MSCDKQDNCBKDBOD