Medical technology firm Angle saw its shares jump for a second day in a row after it received cash due from the sale of its portfolio company Acoylte Biomedica.
The 2007 sale led to a legal case over an earn-out provision, which saw former Acolyte shareholder, Porton Capital, take the buyer, 3M, to court.
Angle said that following Porton's victory it had received $286,226 - around £178,000 - which would be used to support working capital requirements.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company's founder and Chief Executive, Andrew Newland, said a strategy of observing the third party action against the purchaser, rather than participating in litigation, meant Angle had avoided substantial legal costs.
The news pushed shares were up 15% in early trading, which followed a 90% leap on Monday after the company announced a major breakthrough in its cancer diagnostic product Parsotix.
MM
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
