ANGLE plc, a liquid biopsy company specializing in circulating tumor cell (CTC) diagnostic solutions, has announced its unaudited interim financial results for the six months ended June 30, 2023. The company reported revenues of £1.2 million for the first half of the year, triple the amount from the same period in 2022. Product-related revenue accounted for £0.8 million, while services-related revenue accounted for £0.4 million. ANGLE also revealed that it has already made services-related sales of up to £2.5 million for future periods. The company reported a loss of £9.8 million for the first half of the year. ANGLE has extended its cash runway into Q1 2025, with cash and cash equivalents of £22.2 million as of June 30, 2023. The company also expects to receive R&D Tax Credits of £3.7 million.
In terms of operational highlights, ANGLE signed contracts with new and repeat customers in its pharma services division. This includes a new contract with Crescendo Biologics for the use of ANGLE's Portrait Flex assay in a Phase 1 clinical study in prostate cancer, as well as a follow-on contract with Artios Pharma for the use of ANGLE's DNA Damage Repair (DDR) assay in a Phase 1 clinical study in multiple advanced cancers. ANGLE has also established a global distribution network for its products across Europe, the Middle East, and Asia Pacific. The company's installed base of Parsortix systems has increased to over 290, with cumulative samples processed reaching 192,000 as of June 30, 2023.
In terms of content and applications, ANGLE reported that patient enrollment for its prostate cancer clinical study is complete, and the development of its breast cancer HER2 assay is progressing well. The company has established its proprietary EMT assay in its clinical laboratories and is developing the Portrait+ imaging assay kit for sale as a product. ANGLE also reported encouraging results from its major development effort using third-party molecular platforms with Parsortix harvests. The company published eight peer-reviewed publications during the first half of the year, bringing the total number of Parsortix publications to 84 from 35 independent cancer centers.
ANGLE has strengthened its board and senior management team with the appointment of a new Non-executive Chairman, two new Non-executive Directors, a Chief Commercial Officer, and a Chief Scientific Officer. Looking ahead, ANGLE expects the pipeline for its products and services businesses to continue building, with the second half of 2023 expected to deliver revenue in line with market expectations for the full year. The company also anticipates releasing headline results from its major clinical studies by the end of the year. ANGLE aims to carefully control costs and defer some discretionary expenditure to extend its cash runway into Q1 2025 without impacting revenues over the next 24 months.