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Interim Results Presentation for the six months ended 31 October 2011
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Interim Results PresentationFor the six months ended 31 October 2011
Presented by:Andrew Newland, Chief Executive OfficerIan Griffiths, Finance Director
26 January 2012
© ANGLE plc 2012 Page 2
Legal disclaimer
The information and opinions contained in this presentation are provided as at the date hereof and are subject to amendment (without notice), verification and completeness.
This document is directed at investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and at organisations of a kind described in and to whom Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (High Net Worth Companies, Unincorporated Associations, etc.) applies (all such persons together being referred to as "relevant persons"). This document must not be acted on, or relied on by, or passed on to (directly or indirectly) persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons (save as set out below).
This document is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part for any purpose. This document is being provided to recipients on the basis that they keep confidential any information contained herein or otherwise made available, whether orally or in writing, in connection with the Company. Neither this document or any part of this document nor any copy of it may be sent to or taken into the United States of America, Canada, Australia, Japan, the Republic of South Africa or the Republic of Ireland, nor may it be distributed to, directly or indirectly, to any US person (within the meaning of regulation S promulgated under the United States Securities Act of 1933, (as amended) (the “US Securities Act”)). This document does not constitute an offer to buy or to subscribe for, or the solicitation of an offer to buy or to subscribe for securities in the Company. To the extent this document is received or used in jurisdictions outside the UK, any such recipient or user should inform themselves about and observe any applicable legal requirements. Neither this document nor any part of this document should be copied or distributed by recipients and, in particular, should not be distributed by any means, including electronic transmission, to persons with addresses in the United States of America (or any of its territories or possessions) Canada, Australia, Japan, the Republic of South Africa or the Republic of Ireland or to any citizens, residents or nationals thereof, or to any corporation, partnership or other entity created or organised under the laws thereof or in any other country outside the United Kingdom where such distribution may lead to a breach of any law or regulatory requirement. Any such distribution could result in violation of the laws of such countries.
This document does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities in the Company and does not constitute or form part of a prospectus. No reliance may be placed for any purpose whatsoever on the information, representation or opinions.
This document should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this document is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.
Neither the Company nor any other person makes any guarantee, representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this document, nor does the Company accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.
© ANGLE plc 2012
Operational Highlights
Parsortix Cancer Diagnostics
• Holding increased to 90%
• Technology successfully used to capture cultured cancer cells added to healthy blood (spiked blood) and product development programme initiated for a cancer diagnostic device
• Successfully captured cultured breast, prostate and lung cancer cells in spiked blood
• Potential for a simple, effective and affordable technique, irrespective of cancer type, for early detection of cancer, monitoring of cancer patients during and post treatment
• Granted US patent and patents are pending in all major economic territories worldwide
• First research partnership, with the University of Surrey’s Oncology Department
Other key portfolio companies
Geomerics (33%) (computer games middleware and computer graphics)
• Enlighten technology is now employed in 20 titles worldwide and in evaluation for many more
• Sales secured in Korea and Japan and is an integrated partner for Epic Games’ Unreal Engine 3
• Wide acclaim for the major titles, Battlefield 3 and Need for Speed: The Run, recently been released using Enlighten
Novocellus (92%) (IVF embryo viability)
• Novocellus’ product EmbryoSure® offers the potential for increased pregnancy rates in IVF
• New terms with ORIGIO to accelerate the progress of the EmbryoSure® product to market
© ANGLE plc 2012 Page 4
Financial Results for the six months ended 31 October 2011
Comments
Planned increase in spend on controlled investments, primarily Parsortix
Impairment of £1.3m to Acolyte fair value
Management services business smaller but still profitable and contributing to overhead
Cash balances increased to £1.1m from £0.6m
Portfolio value excludes controlled investments NeuroTargets, Novocellus and Parsortix
Fundraising completed during the half year of £1.25 million
Further successful fundraising of £1.2 million announced today
Funds raised to be used principally to support ongoing development of Parsortix and revitalised Novocellus agreement with ORIGIO
CONTINUING OPERATIONS H1 2012 H1 2011
Statement of comprehensive income £’000 £’000
Turnover 703 1,363
Investments portfolio (loss) / gain (1,346) 175
Management services (623) (1,118)
Ventures operating costs (144) (220)
Other operating costs (83) 1
Profit / (loss) before controlled investments (1,493) 201
Controlled investments opex (340) (142)
Profit before tax (1,833) 59
Management services
Turnover 663 1,341
Operating costs (623) (1,118)
Profit 40 223
Statement of Financial Position 31Oct11 30Apr11
Investments 2,515 3,861
Trade and other receivables 399 323
Cash 1,093 619
Property, plant and equipment 9 8
Intangible assets 444 443
Total assets 4.459 5,254
© ANGLE plc 2012
Update on Novocellus: IVF embryo viability
As announced today
• Novocellus has a partnership with ORIGIO, a leading supplier of specialised IVF products
• New improved development terms agreed between Novocellus and ORIGIO to kick start trials and accelerate timescales
• ANGLE will contribute to certain costs and risk-share with ORIGIO up to £0.5 million
• ANGLE’s holding in Novocellus increased to 92%
• Trials with Novocellus’ product EmbryoSure® for embryo viability to commence shortly
• ORIGIO targeted to launch EmbryoSure® by mid-year 2014
• Financial terms to ANGLE for EmbryoSure®
− Milestone payments of up to £4.5m and royalty payments of up to 25% of next sales unchanged
− Royalty payments extended for additional 12 months beyond life of patents
Page 5
© ANGLE plc 2012 Page 6
Parsortix: cancer diagnostics
Cassette components
Fully assembled cassette
Cassette housing
separation cassette schematic
© ANGLE plc 2012 Page 7
Captured cells: whole blood control and spiked with SK-Br-3
Control
Spiked with breast cancer cells
© ANGLE plc 2012
Chromogenic staining of SK-Br-3 cells
Visual ID breast cancer cells
Stained breast Cancer cells
Identified cells marked using cytokeratin-18
© ANGLE plc 2012
Parsortix Update
Announced this week
• Achieved major milestone by using Parsortix cell separation device to successfully capture CTCs in cancer patient blood
• This is significant as actual cancer patient blood would be expected to contain only a very small number of CTCs in the sample as well as potential issues due to patient disease factors adversely affecting the performance of the separation technology
• The Parsortix separation technology offers the potential for a CTC isolation, capture and characterisation device, irrespective of cancer type, for:
- Early detection of cancer
- Monitoring of cancer patients during treatment
- Post-treatment monitoring of cancer patients in remission
• Key possibility to use the captured CTCs for molecular profiling to help define tumour biology and risk of progression
Page 9
© ANGLE plc 2012
Key Milestones for Parsortix for 2012
• Finalise work on characterising the separation device including flow and volume capability
• Finalise market requirements for device
• Optimise design of separation device (next generation)
• Establish further collaborations with cancer research centres
• Beta test next generation separation device
• Final design of separation device
• Manufacture in quantity
• Initiate sales for research purposes
© ANGLE plc 2012
Investment Summary
• ANGLE’s three major investments offer potential for substantial returns
• Parsortix and Novocellus targeting highly attractive markets
• Geomerics providing near term revenue generation
• Diversification = risk protection
• Further value enhancing milestones to be achieved over the next six to twelve months
© ANGLE plc 2012 Page 12
Andrew Newland
Chief Executive
ANGLE plc
3 Frederick Sanger Road
The Surrey Research Park
Guildford GU2 7YD
United Kingdom
Tel: +44 1483 685830
Fax: +44 1483 685836
Email: [email protected]
Website: www.ANGLEplc.com
Contact details