Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
ANGLE taps the market
Intellectual property backer ANGLE (AGL) has raised £1.2 million for key cancer and IVF embryo investments after losing an interim £1.8 million. The AIM-quoted company, which secured the funds at a discounted 70p through broker Cenkos, says its 92 per cent-owned company Novocellus has agreed new terms with Danish partner ORIGIO for the development of Embryosure, which tests the health of embryos being selected for IVF.
Because trials for Embyosure are costing more than expected, the new terms will involve a cash contribution from Novocellus, which will be £500,000 if upcoming retrospective trials are unsuccessful and £175,000 if they succeed. ANGLE's chief executive Andrew Newland argues, if all goes well, Embryosure could be on the market in 2014, after milestone payments of up to £4.5 million this year and eventual 25 per cent sale royalties, which he suggests could reach £10 million a year.
Newland says ANGLE turned a £59,000 pre-tax profit into £1.8 million losses in the six months to October on revenues nearly halved to £703,143 largely because it took the cost of increasing its holding in US diagnostic company Parsortix to 90 per cent from the profit and loss account, although it ended October with £1 million cash. Parsortix has so far been a highly promising performer for the company, with cell separation technology which has successfully captured cancer tumour cells circulating in actual patients' blood.
According to Newland, ANGLE now has the money it needs to pay for its Novocellus commitments and to complete Parsortix's product development. Highlighted by Growth Company Investor at 27p in July, ANGLE shares have touched 94p, but now trade at 77p, down 3.5p this morning, valuing the company at £28 million.
Partial profit taking might be a cautious move, but there could be much more to go for over the medium term, provided tests and commercialisation of these products continue to go well.
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