Sharp drop in Angle shares following business update

AIM-listed medtech company Angle revealed that Origio, a partner involved in the development of a technology patented as EmbryoSure, has decided to cease EmbryoSure studies in a business update on Monday.

AIM-listed medtech company Angle revealed that Origio, a partner involved in the development of a technology patented as EmbryoSure, has decided to cease EmbryoSure studies in a business update on Monday.

EmbryoSure is a technology being developed to assess the viability of embryos for transfer in IVF.

Earlier in 2012, Origio was acquired by The Cooper Companies and subsequently merged with Cooper subsidiary Sage IVF. As part of a rationalisation programme, Angle said that Origio had decided to cease a number of development programmes, including the EmbryoSure study.

As a result of Origio's decision, the intellectual property and ownership rights of EmbryoSure have reverted to Novocellus, an Angle subsidiary, and Angle's ongoing financial and management resources committed to Novocellus are being re-directed to Parasortix. Parasortix is Angle's non-invasive cancer diagnostic business.

Angle's business update stated that Angle "remains confident of EmbryoSure's clinical utility in increasing successful pregnancy rates through the selection of the most developmentally competent embryos for IVF transfer and that there is a major unmet medical need in this area."

Andrew Newland, Chief Executive and founder of Angle, commented: "We are pleased with strong continued progress with our Parsortix non-invasive cancer diagnostic business. We are maintaining a clear focus on getting a Parsortix product in the market as soon as possible. Whilst Origio's decision is disappointing, we retain the rights to EmbryoSure's intellectual property for future exploitation and this allows us to pursue a greater focus on Parsortix."

Shares in Angle fell 17.24% to 30p at 15:46 on Monday.

MF

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
3 Feb 2023
After slumping 42% last year, what's next for Scottish Mortgage?
Investment trusts

After slumping 42% last year, what's next for Scottish Mortgage?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust fell by 42% last year. We take a look at the trust's performance and dis…
3 Feb 2023