Data from ovarian cancer studies in Q217

Angle’s H117 business update revealed that R&D activities are progressing well, while the company booked further research use sales. The first prospective clinical studies with Angle’s liquid biopsy system Parsortix in ovarian cancer reported positive early evaluation results and are due to report headline data in Q217. Our SOTP-based valuation is increased modestly to £140.3m or 188p/share. The main 2017 catalysts are the results from the ovarian cancer studies; an acceleration of research use sales; any new data from Angle’s multiple KOLs and customers investigating Parsortix; and progress with the FDA analytical and clinical studies.