Shares in mid-cap pharma company Angle fell nearly 12 per cent on Wednesday after it missed market expectations for revenue and continued to be loss-making.
Revenue for the full year more than doubled to £2.2m, in line with the company’s expectations but below the market consensus last year of around £3m.
The AIM listed firm posted a loss of £20.1m for the year ended 31 December 2023, narrowing slightly from the previous year’s loss of £21.7m.
Its cash and cash equivalents at the end of the year almost halved to £16.2m, from £31.9m in 2022.
Angle uses its circulating tumour cell (CTC) diagnostic technology for use in research, drug development and clinical oncology.
Revenue for the first half of 2024 is expected to be between £1m and £1.3m with around 40 per cent of full year market expectations for revenue already contracted. Angle has signed three service agreements with pharma giants Eisai and Astrazeneca.
Angle chief executive, Andrew Newland, said: “ANGLE has made considerable commercial progress in 2023 through the ongoing execution of our strategy.
“Major efforts have been focused on both the products and services commercialisation channels and on the development of “content” to provide applications of the Parsortix system for customers.”
Angle also today announced a plan to raise about £8.5m through a combination of new share placements and subscriptions, along with a further £2m through an open offer to shareholders.
All of these will be priced at 15 pence per share, a discount on the stock’s closing price yesterday at 18 pence per share. This morning the company’s share price now sits at just over 16 pence.
The company aims to use these funds to grow its sales force, build clinical laboratory capabilities and achieve cashflow breakeven by the end of 2025.