Angle looks to raise up £20.0m via conditional placing

Angle

9.60p

12:35 24/12/24

2.67%

0.25p

Liquid biopsy company Angle said on Tuesday that it was looking to raise up as much as £20.0m by way of a conditional placing of 43.47m new ordinary shares.

Angle will place the shares at a price of 46.0p each, a discount of approximately 5.15% to Monday's closing price, as part of an accelerated bookbuild process, which will be brokered by finnCap and WG Partners.

The AIM-listed group said the funds would be used to fund ongoing operations, establish clinical laboratories for pharmaceutical services, cover the costs of assay development and clinical studies on Parsortic and commercial expansion.

Angle plans to release its interim results for the six month months ended 30 June on Thursday, with revenues expected to have fallen 39% to £200,000 and pre-tax losses predicted to be broadly unchanged at £4.8m.

As of 0925 GMT, Angle shares were up 2.78% to 49.85p.