Angle buys 90% stake in cancer diagnostic firm

5th Oct 2011 14:01

Angle has increased its stake in its subsidiary, Parsotix, to 90% following the success of the cancer diagnostic firm's cell separation device. The fund the move, Angle raised £1.25m in July, 80% of which has been allocated to Parsortix to fund the definitive validation of its initial findings, which is now complete. Angle has agreed the terms with Parsortix and, in addition, has acquired part of the holding of the firm's chief technical officer (CTO) and the original inventor of Parsortix's separation device, in exchange for 227,160 Angle 10p ordinary shares, representing 0.6% of the current issued share capital of Angle. The move takes Angle's holding in Parsortix to 90%, allowing it to ensure Parsortix is a qualifying subsidiary for the purposes of deploying funds raised under various schemes. The CTO has retained a 10% interest in Parsortix. Application will be made for 227,160 new ordinary shares of 10p each in Angle to be admitted to trading on AIM. Angle Founder and Chief Executive, Andrew Newland, said: "As previously stated, we believe Parsortix's cancer diagnostic offers an outstanding commercial opportunity for Angle. We are delighted to have increased our holding in the company and to have agreed a mechanism which will allow Angle to continue to support Parsortix as it progresses towards product launch." The share price rose 8.19% to 62.75p by 14:19. NR