Angle jumps again after pay out
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.
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.
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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.
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