LONDON (ShareCast) - Angle, a specialist medtech company, has placed 4.53m new ordinary shares at 50p each, representing a discount of 17.4 per cent on the mid-price of 60.50p per share at close of business on Wednesday.

Net of costs, the placing raised £2.2m, which will be used to strengthen the company's financial position and support the launch of its Parsortix cancer diagnostic product for the research market.

The new shares represent around 10% of the enlarged issued share capital, with the total number following admission being 45.243m.

Founder and Chief Executive, Andrew Newland, said: "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."

Angle is focused on achieving early sales in the research market and taking the necessary steps to allow Parsortix to be used in the much larger clinical market in the treatment of patients.

The group explained: "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."

Half year losses narrow

In the six months ended October 31st, the group delivered a half year loss of £0.4m, compared to £1.8m the same period the previous year.

Revenue for the period fell from £0.7m to £0.47m, but this was offset by the charge in fair value, which came in at £0.29m, compared to -£1.35m in 2011.

The share price fell 6.61% to 56.50p by 13:45.

NR

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