ANGLE PLC (LON:AGL) has announced a conditional placing of new ordinary shares to raise proceeds of £12mln to fund a strengthening of position in the liquid biopsy market.
The AIM-listed medial diagnostics company said it would issue a total of 23,970,000 new ordinary shares at a placing price of 50p each, an 8.7% discount on the last close price of 54.8p.
The firm added that the placing was being conducted by an accelerated bookbuild process which would open with immediate effect.
ANGLE said the proceeds from the fundraising would be used with its existing cash balance to progress FDA studies, clearance and metastatic breast cancer applications, progress work on the ovarian cancer pelvic mass triage application, progress development of prostate cancer applications, undertake certain incremental product development improvements, and cover ongoing operating expenses.
Andrew Newland, ANGLE chief executive and founder, said: "The new funding will allow us to strengthen our leadership position in the emerging multi-billion dollar liquid biopsy market. The additional funding will strengthen the business in discussions with corporate partners, extend the cash runway significantly past the expected timescale for FDA clearance and will enable us to prepare for revenue growth.”