Edison Initiates Coverage on Angle

Friday, July 31, 2015

LONDON, July 31, 2015 /PRNewswire/ --

Highlights of the analysis on Angle by Edison's healthcare analysts Dr Lucy Codrington and Franc Gregori include:

Angle is a pure-play specialist diagnostics company. The proprietary Parsortix cell separation platform can be used for the detection and harvesting of very rare cells from a blood sample, including circulating tumour cells (CTCs). The resulting liquid biopsy enables the analysis of these cells for precision cancer care.

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We value Angle at £92.8m or 157p/share, based on a three-phase DCF valuation using comprehensive forecasts for the period through to 2025, with less detailed cash flows to 2035 followed by a terminal growth rate of 2%. Our valuation is based on sales of Parsortix for use in research and clinical sales for the pre-surgery triaging of ovarian masses, with no contribution from other potential applications or the technology platform. Cash of £8.4m at FY15 should be sufficient to allow Angle to operate through to end-2017. We anticipate profitability in 2019.

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For more information please contact:

Dr Lucy Codrington   Edison Investment Research   +44(0)20-3681-2527

Franc Gregori        Edison Investment Research   +44(0)20-3077-5728


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SOURCE Edison Investment Research