TIDMAGL
RNS Number : 0792B
Angle PLC
29 September 2022
For Immediate Release 29 September 2022
ANGLE plc
("ANGLE" or "the Company")
Interim Results for the six months ended 30 June 2022
FDA CLEARANCE A MAJOR BREAKTHROUGH FOR PARSORTIX LIQUID
BIOPSY
Prostate cancer partnership signed with Solaris Health
Positive ovarian cancer headline results announced today
ANGLE plc (AIM: AGL OTCQX: ANPCY), a world leading liquid biopsy
company, today announces its unaudited interim financial results
for the six months ended 30 June 2022.
Operational Highlights
-- FDA De Novo clearance received for the Parsortix(R) system
for its intended use with metastatic breast cancer (MBC)
patients
- first ever FDA product clearance to harvest cancer cells from
a patient blood sample for subsequent user-validated analysis
- first mover advantage for intact cancer cell analysis in the
global liquid biopsy market
- with FDA clearance and CE Mark in place, commercial roll-out
underway with global distributor network being established
-- Global pharma services business momentum encouraging
- additional $1.2 million contract from first large-scale pharma
services customer in new clinical trial
- increased pharma industry engagement post FDA clearance
- excellent progress with first bespoke assay customer with DNA
damage repair assay successfully developed
-- Analysis of samples from ovarian cancer clinical verification study completed
- excellent headline results with ROC-AUC 95.4%, as separately
announced today
- results demonstrate clinical validity employing molecular
analysis of cancer cells captured using the Parsortix system in a
difficult to diagnose real world setting
-- Partnership established with Solaris Health, a major United States urology group
- collaboration to evaluate the Parsortix system in prostate
cancer clinical studies, addressing major unmet medical needs
- Solaris Health offers route to market through its extensive
patient base
Financial Highlights
-- Revenue for the half-year GBP0.4 million (H1 2021: GBP0.3 million)
-- Loss for the half-year GBP9.2 million (H1 2021: GBP7.7 million) reflecting planned investment
-- Cash and cash equivalents at 30 June 2022 of GBP20.5 million
(31 December 2021: GBP31.8 million)
-- Post period end, a further GBP20.1 million (GBP18.9 million
net of expenses) was raised in a placing which was supported by new
and existing institutional investors in both the UK and United
States as well as senior management
Outlook
-- Pharma services business momentum - discussions in progress
with more than twenty biopharma companies offering a pipeline of
opportunities for new contracts as we move through the end of this
year and into 2023. Almost all potential customers are interested
in bespoke assay development
-- Global sales and distribution network being established with
first contracts in negotiation and initial seeding of instruments
anticipated
-- Accreditation of clinical laboratories in final stages
offering ability to offer validated tests for both pharma services
and patient management in coming months
-- New product roll-out to accelerate with a pipeline of
sample-to-answer imaging and molecular solutions being finalised
for offer to customers
-- Numerous discussions in progress with potential partners
including medtech companies, downstream assay providers and
clinical laboratories regarding selected Parsortix based assays
-- Continued investment in clinical studies to provide clinical
evidence to support long term growth
Garth Selvey, Non-Executive Chairman of ANGLE plc,
commented:
"I am delighted that during the period the FDA granted a De Novo
Class II classification for the Parsortix system for use in
harvesting cancer cells from metastatic breast cancer patient blood
for subsequent user-validated analysis. Clearance substantially
differentiates ANGLE from the competition and is expected to
significantly accelerate commercial adoption of the system in both
research and clinical settings.
ANGLE's global pharma services business is gaining traction,
with a notable increase in potential customer engagement in the
weeks post-FDA clearance and subsequently. We are pleased to see
repeat business already coming through from an early major customer
and the successful development of our first bespoke assay for
another as we start to build our service offering 'menu'.
Demonstration of clinical utility is a key strategic goal for
the Company. The positive headline results for the ovarian cancer
pelvic mass triage test announced today provide a real world
example of the value of molecular analysis of the Parsortix harvest
of circulating tumour cells and support the Company's view that
this is the "best sample" for analysis for a liquid biopsy.
Shortly after the period end, ANGLE successfully completed a
fundraising of GBP20.1 million (GBP18.9 million net of expenses).
Recognising the current adverse market conditions and wider
macroeconomic environment, ANGLE continues to keep a tight focus on
building revenues, controlling costs and maximising the cash runway
within available funds whilst ensuring key commercial milestones
are delivered."
Details of webcast
A virtual meeting and webcast for analysts will be held at 11:00
am BST today. If you wish to attend, please register in advance and
log on to the webcast approximately 5 minutes before 11.00 am.
Details of how to attend can be accessed via
https://angleplc.com/investor-relations/corporate-presentations/
.
For further information:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Andrew Holder, Head of Investor Relations
Berenberg (NOMAD and Joint Broker)
Toby Flaux, Ciaran Walsh, Milo Bonser +44 (0) 20 3207 7800
Jefferies (Joint Broker)
Max Jones, Thomas Bective +44 (0) 20 7029 8000
FTI Consulting
Simon Conway, Ciara Martin +44 (0) 203 727 1000
Matthew Ventimiglia (US) +1 (212) 850 5624
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the EU Market Abuse Regulation (596/2014) . Upon the publication of
this announcement via a regulatory information service, this
information is considered to be in the public domain.
For Frequently Used Terms, please see the Company's website on
https://angleplc.com/investor-relations/glossary/
These Interim Results may contain forward-looking statements.
These statements reflect the Board's current view, are subject to a
number of material risks and uncertainties and could change in the
future. Factors that could cause or contribute to such changes
include, but are not limited to, the impact of the COVID-19
pandemic, the general economic climate and market conditions, as
well as specific factors including the success of the Group's
research and development activities, commercialisation strategies,
the uncertainties related to clinical study outcomes and regulatory
clearance, obtaining reimbursement and payor coverage, acceptance
into national guidelines and the acceptance of the Group's products
by customers.
CHAIRMAN'S STATEMENT
The ground-breaking first ever FDA product clearance in
metastatic breast cancer heralds a new era for personalised cancer
care and provides the platform for ANGLE to work with our
collaborators and customers to support further FDA submissions and
the establishment of numerous specific clinical uses across
different cancer types. By making the Parsortix system widely
available, we intend to support the entire industry in its adoption
of liquid biopsy solutions for repeat non-invasive diagnostics for
personalised cancer care. Large-scale medtech and pharma companies
now have an FDA cleared platform on which to develop new medical
solutions and ANGLE aims to capitalise on this opportunity as it
begins the commercial roll-out of the system. Progress is being
made, both with complex molecular analysis solutions, such as the
ovarian results announced today, and with low-cost downstream
analysis techniques such as Pap stain showcased earlier this month
at the American Society for Clinical Pathology (ASCP) meeting in
Chicago, Illinois, USA. We expect both of these approaches to
positively impact nearer term adoption of the system.
Overview of Financial Results
Revenue of GBP0.4 million in the period (six months ended 30
June 2021: GBP0.3 million) was driven by research use sales of the
Parsortix system along with an initial contribution from the pharma
services business, including both clinical trial services and
bespoke assay development. ANGLE expects the positive impact of FDA
clearance on revenues to begin in the second half and gather
momentum thereafter. The Company has continued its investment in
studies to develop and validate the clinical application and
commercial use of the Parsortix system and further build out the
clinical laboratories and pharma services business capacity,
resulting in operating costs of GBP10.6 million (six months ended
30 June 2021: GBP8.9 million) and a loss for the period of GBP9.2
million (six months ended 30 June 2021: loss GBP7.7 million).
Cash and cash equivalents was GBP20.5 million at 30 June 2022
(31 December 2021: GBP31.8 million) with R&D Tax Credits due at
30 June 2022 of GBP5.9 million (31 December 2021: GBP4.5 million).
Post period end, the cash position was strengthened with a
successful placing of new shares with support from new and existing
UK and United States institutional investors as well as senior
management, which raised net proceeds of GBP18.9 million.
FDA Clearance
On 25 May 2022, FDA granted a De Novo Class II classification
for the Parsortix system for use in harvesting cancer cells from
metastatic breast cancer (MBC) patient blood for subsequent
analysis. This means that an entirely new medical device
classification has been granted by FDA for the Parsortix system. De
Novo clearance is extremely challenging and costly and consequently
is rare and this is the first such medical device classification
for a new instrument in oncology for many years.
The commercial roll-out is now underway, with launch events held
at the American Society for Clinical Chemistry (AACC) meeting in
Chicago and the Next Generation Dx Summit in Washington D.C. Most
recently, ANGLE presented a new poster at the 100(th) American
Society for Clinical Pathology (ASCP) in Chicago, demonstrating
that patient sample CTC analysis can be performed by combining the
use of the Parsortix system with standard cytology Pap staining.
This offers the potential to place the system in standardised,
low-cost laboratory workflows, accelerating the adoption by
pathology laboratories.
ANGLE is encouraged by the interest and discussions are
beginning with several leading cancer centres in the United States
as well as a UK Government agency. ANGLE is also looking to exploit
the FDA clearance and European CE Mark through distributor
arrangements in key territories outside the United States and
contractual negotiations are in progress.
Clinical laboratories
ANGLE has established clinical laboratories in the UK and United
States that have the capability of processing patient samples and
offering validated clinical tests. The laboratories, in Guildford,
UK and Plymouth Meeting, Pennsylvania, United States are being used
as accelerators and demonstrators in support of product sales of
Parsortix instruments and cassettes and to provide services to
pharmaceutical and biotech customers running clinical trials.
Processing of patient samples for clinical purposes requires the
laboratories to be accredited under the appropriate local
regulatory regimes. In March 2022, the Centers for Medicare and
Medicaid Services (CMS) issued a Certificate of Registration, under
the CLIA process, to the Company's United States clinical
laboratory. This is a key step towards achieving CLIA accreditation
of the laboratory. Following a satisfactory CMS audit, including an
inspection of the facilities and documentation on the validation of
assays to be performed together with associated quality control
procedures, a Certificate of Compliance will be issued. This will
complete the accreditation process that permits the laboratory to
process samples for patient management from the majority of the
United States, with a small number of States requiring additional
procedures which will be progressed separately.
ANGLE has made good progress in the in-house development of a
pipeline of new products in addition to the Pap stain assay,
including a sample-to-answer Portrait(+) imaging solution for the
identification of epithelial and mesenchymal CTCs as well as CTCs
in the process of epithelial mesenchymal transition (EMT). A
Portrait(+) PD-L1 assay is also nearing completion, enabling the
ability to identify this key target protein for immunotherapy on
CTCs harvested using the Parsortix system. These products can be
offered to both pharma services customers for use in clinical
trials or the development of companion diagnostics or to clinical
customers for the development of laboratory developed tests.
Global pharma services business
Despite lengthy initial sales processes (detailing the analysis
capability, evidencing the laboratory quality systems, and agreeing
the sampling handling and reporting requirements), ANGLE has
already successfully secured pharma services contracts with four
pharma and biotech companies to date and discussions are ongoing
with more than twenty companies providing a pipeline of
opportunities that the Company expects to convert into contracts in
the future.
Importantly, on 22 June this year, ANGLE announced it had
secured an additional contract with its first large-scale pharma
services customer. The customer, a pharma company with numerous
cancer drugs under development and revenues exceeding US$1 billion
per annum, again selected ANGLE's Parsortix system to undertake
longitudinal monitoring (i.e. before, during and after drug
intervention) of patients with certain unresectable solid tumours
in a new Phase Ib dose-escalation study using its investigational
drug in combination with immuno-oncology agents. Once the
recommended dose has been determined, the study will progress to an
expansion stage.
The additional contract is expected to be worth up to US$1.2
million over a multi-year period. The new work relates to the
successful progression of one of the smaller Phase I studies in the
original contract announced in April 2021. This dose-escalation
study, with expansion stage, is now in progress and the customer
expects to provide samples from each patient for analysis by ANGLE
at as many as seven separate timepoints.
The additional contract from its first large-scale pharma
customer, as well as ongoing discussions with multiple potential
new customers, validates ANGLE's belief that longitudinal
monitoring of CTCs is a highly attractive proposition for the
pharma industry looking for new insights in cancer drug trials.
Bespoke assay development as a first phase in pharma services is
expected to significantly increase the attractiveness of the
Parsortix CTC analysis offering, as pharma clients can look at
proteins on CTCs which directly align with the mechanism of action
of their drug under investigation. ANGLE has made excellent
progress in this regard and has completed the development work for
its first assay development customer. The assay successfully
identifies on CTCs two target proteins implicated in DNA damage
repair, an area of significant interest to drug companies
developing PARP inhibitors for a range of solid tumours.
This assay, alongside any further assays developed by ANGLE, can
now be added to a menu of pre-developed tests that can be offered
to other customers. Pharma companies are particularly interested in
investigating protein markers on actual cancer cells. These cannot
be investigated using the alternative liquid biopsy approach ctDNA
(fragments of dead cancer cells) since protein cannot be measured
on ctDNA. Tissue biopsies provide cancer cells but cannot be used
for longitudinal monitoring since only a single time point is
usually possible with tissue biopsy. Consequently, pharma companies
are unable to access this analysis without analysing CTCs.
Clinical applications
COVID-19 related supply chain difficulties impacting the ovarian
cancer study were resolved during the period and analysis of
samples completed. Headline results for the study were separately
announced today. The performance of the Parsortix Landscape(+)
Ovarian assay in this study was in-line with the high level of
accuracy demonstrated in an earlier 200 patient multicentre
clinical study reported in 2018 (ROC-AUC 95.1%) and achieved the
Company's objective of best in class results with both sensitivity
and specificity of 90% or greater.
ANGLE believes the clinical data from this study provides a
clear demonstration of the value of the Parsortix harvest as the
"best sample" for analysis for liquid biopsy. This is possible
because the Parsortix system recovers intact living cancer cells in
the patient blood, which contrasts with other tests based on
free-floating proteins that can be upregulated for reasons other
than cancer, or fragments of dead cancer cells, where only a
partial DNA picture is available.
The test utilises comprehensive gene expression information
derived from blood samples shipped overnight to a central
laboratory, uses a lysis buffer that does not require the separate
extraction of RNA from the population of cells captured by the
Parsortix system, and does not directly rely on the use of serum
biomarkers. The clinical results therefore demonstrate, in a real
world setting, the ability to undertake complex molecular analysis
of the Parsortix harvest and confirms its suitability for use in
both hospital laboratories and central laboratories requiring
sample shipping. ANGLE believes that these key findings provide
evidence of the potential for widespread use of the Parsortix
system for molecular analysis in numerous different cancer
applications adding greatly to the value of the FDA cleared
Parsortix system.
ANGLE is finalising detailed plans for commercialisation of
Parsortix Landscape(+) molecular assays including but not limited
to ovarian cancer.
During the period, ANGLE also announced it had signed a master
clinical study agreement with Solaris Health Holdings, LLC
(Solaris) and joinder agreements with MidLantic Urology LLC, to
collaborate and conduct clinical studies in prostate cancer and as
a potential route to market in the United States.
MidLantic Urology, an affiliate of Solaris, is one of the
largest providers of specialist urology services in the United
States with more than 70 physicians operating from 47 dedicated
urology centres across the state of Pennsylvania. The Solaris
Health network encompasses more than 500 clinical urology providers
across 179 locations and nine States with more than 729,000 unique
patients annually.
Together with MidLantic Urology, ANGLE will initiate clinical
studies aimed at investigating the use of the Parsortix(R) system
for the detection of prostate cancer and prediction of its severity
in patients who present with an elevated prostate specific antigen
(PSA) level and/or abnormal digital rectal exam.
This study will initially enrol 100 men scheduled to undergo a
prostate tissue biopsy at a minimum of three study sites over an
anticipated period of up to nine months. Blood samples collected by
MidLantic Urology will be shipped to ANGLE's United States clinical
laboratory for processing by the Parsortix system to harvest and
analyse CTCs and associated immune cells. The Parsortix harvests
will be evaluated by both imaging and molecular analysis to assess
the potential to predict the presence of clinically significant
prostate cancer prior to tissue biopsy and to assess potential
correlation with established disease severity scores (e.g. the
Gleason score) in those patients found to have prostate cancer.
Headline results are anticipated in late 2023.
Solaris could be ANGLE's first route to market for this test,
offering the established test to their extensive patient base and
opening up a significant market opportunity for ANGLE. Successful
results could also allow the design of a larger validation study to
support an eventual submission to FDA and other regulatory bodies
for this application.
Outlook
The first ever FDA product clearance for a system to harvest
cancer cells for subsequent analysis is a major breakthrough for
ANGLE and is expected to positively impact all areas of our
business. There has been a notable increase in clinical and
research laboratory engagement since clearance, and we expect this
to continue, leading to first clinical product placements and new
pharma services contracts as commercial discussions mature. The
recent proof of concept using standardised low-cost cytology
staining techniques for CTC identification and analysis is
particularly encouraging and should assist clinical adoption by
third party laboratories.
ANGLE continues to explore partnerships with major medical
device and diagnostics companies and is encouraged by the increased
engagement and more detailed discussions post FDA clearance. In
addition, several downstream assay developers and technology
providers are looking to combine CTC analysis using the Parsortix
system to enhance their own offering.
Following the excellent results announced today utilising
molecular analysis for ovarian cancer in a real world setting for a
difficult to diagnose cancer, ANGLE is now finalising detailed
plans for commercialisation of Parsortix Landscape(+) molecular
assays including but not limited to ovarian cancer. Molecular
analysis of Parsortix harvests opens up a multitude of applications
for ANGLE's customers and has widespread potential application.
Recognising the current adverse market conditions and wider
macroeconomic environment, ANGLE will continue to keep a tight
focus on building revenues, controlling costs and maximising the
cash runway within available funds whilst ensuring key commercial
milestones are delivered.
ANGLE continues to believe that clinical adoption of liquid
biopsy solutions for cancer diagnosis is building in all major
markets and that, with new pricing legislation in the United
States, drug developers are under increasing pressure to improve
clinical trial efficiency and support market acceptance for novel
cancer treatments, which require companion diagnostics (CDx) for
which Parsortix is ideally suited. With FDA clearance for the
Parsortix system now in place, ANGLE is well positioned to
capitalise on these opportunities.
Garth Selvey
Chairman
28 September 2022
ANGLE plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2022
Six months
Six months ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Revenue 419 296 1,013
Cost of sales _____(160) ____________(77) _________(302)
Gross profit 259 219 711
Other operating income 1 16 41
Operating costs ___(10,626) _________(8,897) ______(17,987)
Operating profit/(loss) (10,366) (8,662) (17,235)
Finance income 32 16 29
Finance costs _____(170) ____________(73) _________(157)
Profit/(loss) before tax (10,504) (8,719) (17,363)
Tax (charge)/credit 2 _____1,283 ___________1,036 _________2,351
Profit/(loss) for the period (9,221) (7,683) (15,012)
Other comprehensive income/(loss)
Items that may be subsequently
reclassified to profit or loss
Exchange differences on translating
foreign operations ____(1,928) _________172 _________(175)
Other comprehensive income/(loss) ____(1,928) _________172 _________(175)
Total comprehensive income/(loss)
for the period (11,149) (7,511) (15,187)
========== ============= ============
Earnings/(loss) per share attributable to owners of the parent
Basic and Diluted (pence
per share) 3 (3.92) (3.57) (6.67)
All activity arose from continuing operations
ANGLE PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets 3,590 3,653 3,573
Property, plant and equipment 3,183 2,005 2,172
Right-of-use assets 5,083 2,404 2,204
--------- ------------- ------------
Total non-current assets 11,856 8,062 7,949
--------- ------------- ------------
Current assets
Inventories 1,734 1,076 1,748
Trade and other receivables 1,832 1,388 1,269
Taxation 5,883 3,195 4,510
Short-term deposits - 11,550 -
Cash and cash equivalents 20,497 9,481 31,839
--------- ------------- ------------
Total current assets 29,946 26,690 39,366
--------- ------------- ------------
Total assets 41,802 34,752 47,315
========= ============= ============
Liabilities
Non-current liabilities
Lease liabilities (4,672) (1,926) (1,816)
Trade and other payables (686) (1,645) (257)
--------- ------------- ------------
Total non-current liabilities (5,358) (3,571) (2,073)
Current liabilities
Lease liabilities (565) (683) (522)
Trade and other payables (4,004) (3,026) (4,390)
--------- ------------- ------------
Total current liabilities (4,569) (3,709) (4,912)
Total liabilities (9,927) (7,280) (6,985)
--------- ------------- ------------
Net assets 31,875 27,472 40,330
========= ============= ============
Equity
Share capital 4 23,529 21,586 23,514
Share premium 99,467 81,731 99,406
Share-based payments reserve 5,057 2,058 2,727
Other reserve 2,553 2,553 2,553
Translation reserve (5,888) (3,613) (3,960)
Accumulated losses (92,741) (76,741) (83,808)
ESOT shares (102) (102) (102)
--------- ------------- ------------
Total equity 31,875 27,472 40,330
========= ============= ============
ANGLE plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2022
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) before tax from continuing
operations (10,504) (8,719) (17,363)
Adjustments for:
Depreciation of property, plant
and equipment 415 313 701
Depreciation of right-of-use assets 467 260 532
(Profit)/loss on disposal of property,
plant and equipment - - 4
Amortisation and impairment of
intangible assets 103 114 254
Share-based payments 2,618 394 1,325
Exchange differences (2,030) 171 (170)
_______
Net finance (income)/costs ______138 57 ________128
Operating cash flows before movements
in working capital: (8,793) (7,410) (14,589)
(Increase)/decrease in inventories (153) (355) (1,015)
(Increase)/decrease in trade and
other receivables (691) 105 204
Increase/(decrease) in trade and
other payables _____(445) ______1,331 _______1,417
Operating cash flows (10,082) (6,329) (13,983)
Research and development tax credits
received - - -
Overseas corporation tax payments ________- _______(11) ________(27)
Net cash from/(used in) operating
activities (10,082) (6,340) (14,010)
Investing activities
Purchase of property, plant and
equipment (916) (1,007) (1,666)
Purchase of intangible assets (71) (53) (122)
Transfer (to)/from short-term deposits - 4,989 16,538
Interest received _______31 _______13 __________24
Net cash from/(used in) investing
activities (956) 3,942 14,774
Financing activities
Net proceeds from issue of share
capital - placing - 124 18,765
Net proceeds from issue of share
capital - share option exercises 87 - 925
Principal elements of lease payments (369) (309) (614)
Interest elements of lease payments ______(62) _______(19) ________(85)
Net cash from/(used in) financing
activities (344) (204) 18,991
Net increase/(decrease) in cash
and cash equivalents (11,382) (2,602) 19,755
Cash and cash equivalents at start
of period 31,839 12,080 12,080
Effect of exchange rate fluctuations ________40 ___________3 ______4
Cash and cash equivalents at end
of period 20,497 9,481 31,839
=========== =========== =======
Cash and cash equivalents at end
of period 20,497 9,481 31,839
Short-term deposits _________- ______11,550 _____________-
Cash and cash equivalents and
short-term deposits 20,497 21,031 31,839
=========== =========== ============
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2022
Share-based
Share Share payments Other
capital premium reserve reserve
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2021 21,540 81,532 1,745 2,553
For the period to 30 June
2021
------------------------------------------- ------- ------------ ------------ ------------
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences in translating
foreign operations
Total comprehensive income/(loss)
Issue of shares (net of costs) 46 199
Share-based payments 394
Released on exercise (59)
Released on forfeiture (22)
------------------------------------------- ------- ------------ ------------ ------------
At 30 June 2021 (Unaudited) 21,586 81,731 2,058 2,553
For the period to 31 December
2021
------------------------------------------- ------- ------------ ------------ ------------
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences in translating
foreign operations
------------------------------------------- ------- ------------ ------------ ------------
Total comprehensive income/(loss)
Issue of shares (net of costs) 1,928 17,675
Share-based payments 931
Released on exercise (236)
Released on forfeiture (26)
------------------------------------------- ------- ------------ ------------ ------------
At 31 December 2021 (Audited) 23,514 99,406 2,727 2,553
For the period to 30 June
2022
Consolidated profit/(loss)
Other comprehensive income/(loss):
Exchange differences in translating
foreign operations
------------------------------------------- ------- ------------ ------------ ------------
Total comprehensive income/(loss)
Issue of shares (net
of costs) 15 61
Share-based payments 2,618
Released on exercise (21)
Released on forfeiture (267)
----------------------------- --------------------- ------------ ------------ ------------
At 30 June 2022
(Unaudited) 23,529 99,467 5,057 2,553
============================= ===================== ============ ============ ============
ANGLE plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 JUNE 2022 (continued)
Translation Retained ESOT Total
reserve earnings shares equity
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2021 (3,785) (69,139) (102) 34,344
For the period to 30 June
2021
-------------------------------------- ------------ ------------ ------------ ------------
Consolidated profit/(loss) (7,683) (7,683)
Other comprehensive income/(loss):
Exchange differences in translating
foreign operations 172 172
Total comprehensive income/(loss) 172 (7,683) (7,511)
Issue of shares (net of costs) 245
Share-based payments 394
Released on exercise 59 -
Released on forfeiture 22 -
-------------------------------------- ------------ ------------ ------------ ------------
At 30 June 2021 (Unaudited) (3,613) (76,741) (102) 27,472
For the period to 31 December
2021
-------------------------------------- ------------ ------------ ------------ ------------
Consolidated profit/(loss) (7,329) (7,329)
Other comprehensive income/(loss):
Exchange differences in translating
foreign operations (347) (347)
-------------------------------------- ------------ ------------ ------------ ------------
Total comprehensive income/(loss) (347) (7,329) (7,676)
Issue of shares (net of costs) 19,603
Share-based payments 931
Released on exercise 236 -
Released on forfeiture 26 -
-------------------------------------- ------------ ------------ ------------ ------------
At 31 December 2021 (Audited) (3,960) (83,808) (102) 40,330
For the period to 30 June
2022
Consolidated profit/(loss) (9,221) (9,221)
Other comprehensive income/(loss):
Exchange differences in translating
foreign operations (1,928) (1,928)
-------------------------------------- ------------ ------------ ------------ ------------
Total comprehensive income/(loss) (1,928) (9,221) (11,149)
Issue of shares (net of costs) 76
Share-based payments 2,618
Released on exercise 21 -
Released on forfeiture 267 -
-------------------------------------- ------------ ------------ ------------ ------------
At 30 June 2022 (Unaudited) (5,888) (92,741) (102) 31,875
====================================== ============ ============ ============ ============
ANGLE plc
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE SIX MONTHSED 30 JUNE 2022
1 Basis of preparation and accounting policies
This Condensed Interim Financial Information is the unaudited
interim consolidated financial information (the "Condensed Interim
Financial Information") of ANGLE plc, a company incorporated and
domiciled in Great Britain and its subsidiaries (together referred
to as the "Group") for the six month period ended 30 June 2022 (the
"interim period").
The Condensed Interim Financial Information should be read in
conjunction with the Financial Statements of the Group for the year
ended 31 December 2021, which have been prepared in accordance with
UK-adopted international accounting standards. New and revised
accounting standards and interpretations that became effective in
the period did not have or are not expected to have a significant
impact on the Group. Where necessary, comparative information has
been reclassified or expanded from the previously reported
Condensed Interim Financial Information to take into account any
presentational changes which were made in the Annual Report and
Financial Statements to 31 December 2021 and which may be made in
the Annual Report and Financial Statements to 31 December 2022.
The accounting policies used in the preparation of the Condensed
Interim Financial Information for the six months ended 30 June 2022
are in accordance with UK-adopted accounting standards and are
consistent with those which will be adopted in the Financial
Statements for the year ended 31 December 2022. While the Condensed
Interim Financial Information has been prepared in accordance with
the recognition and measurement criteria of UK-adopted
international accounting standards, these Financial Statements do
not contain sufficient information to comply with UK-adopted
international accounting standards.
This Condensed Interim Financial Information does not constitute
statutory financial statements as defined in section 434 of the
Companies Act 2006 and is unaudited and has not been reviewed. The
comparative information for the six months ended 30 June 2021 is
also unaudited. The comparative figures for the year ended 31
December 2021 have been extracted from the Group Financial
Statements as filed with the Registrar of Companies. The report of
the auditors on those Financial Statements was unqualified and did
not contain statements under sections 498(2) or (3) of the
Companies Act 2006.
The Condensed Interim Financial Information was approved by the
Board and authorised for issue on 29 September 2022.
Going concern
The Financial Information has been prepared on a going concern
basis which assumes that the Group will be able to continue its
operations for the foreseeable future.
The Directors have considered the uncertainties, risks and
potential impact on the business associated with potential negative
trading scenarios, market and geopolitical uncertainty
(Ukraine-Russia conflict), Brexit friction and residual COVID-19
impacts. Discretionary expenditure within the business provides
flexibility to scale back operations to address adverse events if
required. Mitigation measures to reduce costs could be taken if
needed and other potential sources of funding exist such as grants,
exclusivity and/or milestone payments for corporate partnerships
being developed and equity proceeds.
The Directors have prepared and reviewed financial projections
for the 12 month period from the date of approval of this Condensed
Interim Financial Information with discretionary expenditure
carefully controlled in line with available resources, as certain
projects may be deferred until additional resources are available.
Based on the level of existing cash and expected R&D tax
credits, the projected income and expenditure (the quantum and
timing of some of which is at the Group's discretion) and other
potential sources of funding, the Directors have a reasonable
expectation that the Company and Group have adequate resources to
continue in business for the foreseeable future. Accordingly, the
going concern basis has been used in preparing the Condensed
Interim Financial Information. Note 5 provides additional
information.
Critical accounting estimates and judgements
The preparation of the Condensed Interim Financial Information
requires the use of estimates, assumptions and judgements that
affect the reported amounts of assets and liabilities at the date
of the Financial Information and the reported amounts of revenues
and expenses during the reporting period. Although these estimates,
assumptions and judgements are based on the Directors' best
knowledge of the amounts, events or actions, and are believed to be
reasonable, actual results ultimately may differ from those
estimates.
The estimates, assumptions and judgements that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities relate to 1) share-based payments
2) IFRS 16 recognition of a right-of-use asset and lease liability
where the property lease was effective from May 2022 but not signed
until July 2022 and 3) IFRS 16 assessment of extension and/or
termination options of right-of-use asset and lease
liabilities.
2 Tax
The Group undertakes research and development activities. In the
UK these activities qualify for tax relief resulting in research
and development tax credits.
2 Earnings/(loss) per share
The basic and diluted earnings/(loss) per share is calculated by
dividing the after tax loss for the period attributable to the
owners of the parent of GBP9.2 million (six months to 30 June 2021:
loss GBP7.7 million, year ended 31 December 2021: loss GBP15.0
million) by the weighted average number of shares in the
period.
In accordance with IAS 33 Earnings per share 1) the "basic"
weighted average number of Ordinary shares calculation excludes
shares held by the Employee Share Ownership Trust (ESOT) as these
are treated as treasury shares and 2) the "diluted" weighted
average number of Ordinary shares calculation considers potentially
dilutive Ordinary shares from instruments that could be converted.
Share options are potentially dilutive where the exercise price is
less than the average market price during the period. Due to the
losses in the periods, share options are non-dilutive for the
respective periods as adding them would have the effect of reducing
the loss per share and therefore the diluted loss per share is
equal to the basic loss per share.
The basic and diluted earnings/(loss) per share are based on
235,036,872 weighted average Ordinary GBP0.10 shares (six months to
30 June 2021: 215,440,711; year ended 31 December 2021:
225,073,380).
4 Share capital
The Company has one class of Ordinary shares which carry no
right to fixed income and at 30 June 2022 had 235,294,716 Ordinary
shares of GBP0.10 each allotted, called up and fully paid.
During the period the Company issued 151,666 new Ordinary shares
with a nominal value of GBP0.10 at issue prices of GBP0.49 and
GBP0.53 per share as a result of the exercise of share options by
employees realising gross proceeds of GBP0.1 million. Shares were
admitted to trading on AIM at various dates across the period.
5 Post reporting date events
As explained in the Chairman's Statement, subsequent to the
reporting date the Company has completed a fundraise realising
gross proceeds of GBP20.1 million (GBP18.9 million net of
expenses).
Shareholder communications
This announcement is being sent to all shareholders on the
register at 28 September 2022. Copies of this announcement are
posted on the Company's website www.angleplc.com and are available
from the Company's registered office: 10 Nugent Road, Surrey
Research Park, Guildford, Surrey, GU2 7AF.
, the news service of the London Stock Exchange. RNS is approved by
the Financial Conduct Authority to act as a Primary Information
Provider in the United Kingdom. Terms and conditions relating to
the use and distribution of this information may apply. For further
information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FFFIIAIITFIF
(END) Dow Jones Newswires
September 29, 2022 02:00 ET (06:00 GMT)
Angle (LSE:AGL)
Historical Stock Chart
From Feb 2024 to Mar 2024
Angle (LSE:AGL)
Historical Stock Chart
From Mar 2023 to Mar 2024