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 MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021