Angle PLC
04 May 2006
For Immediate Release 4 May 2006
ANGLE plc
('ANGLE' or 'the Company')
New Venture Company: Parsortix Inc
ANGLE plc ('ANGLE'), the venture management and consulting company specialising
in the commercialisation of technology, is pleased to announce the launch of its
latest venture company, Parsortix Inc, which was agreed on 28 April but for
reasons of commercial confidentiality was embargoed until now.
In accordance with ANGLE's Progeny(R) process for creating new ventures,
Parsortix has secured intellectual property that has the potential to change the
$600 million global market for prenatal diagnostics by eliminating the need for
maternal invasive procedures. The technology, developed in private laboratories
in both the US and Europe, is also applicable to bone marrow transplant
procedures used in the therapeutic regimen for the treatment of cancer.
Approximately 6.5 million pregnancies occur in the United States alone each
year. Parsortix's technology enables the determination of chromosomal
abnormalities in the first trimester of pregnancy without the need for invasive
diagnostic procedures. Early definitive diagnosis for chromosomal abnormalities
associated with spina bifida, Down's, Turner, and Klinefelter syndromes, as well
as other disorders due to genetic abnormalities, can help physicians better care
for both the mother and the foetus during pregnancy. It also gives families
earlier information with respect to the health of the unborn child and avoids
the risk to mother and foetus of the maternal invasive procedures currently
used.
This technology should also help provide better care for chemotherapy and
radiation treated patients who have to undergo bone marrow transplants. In
addition, it should help ensure the safety of marrow transplants for the
patients receiving their own bone marrow (autologous transplants) and may also
be used in preventing immune rejection during bone marrow transplant from
another donor.
The technology will fit into current medical practice enabling less expensive
procedures, and more timely diagnosis adding value to both prenatal care and
cancer therapeutics.
In accordance with its process for new venture creation, ANGLE will provide
management and initial funding to Parsortix, creating a business plan, initial
management, IP protection, regulatory guidance, and product planning. This
company is being formed in accordance with the strategic relationship between
the Ben Franklin Technology Partners of Southeastern Pennsylvania and ANGLE.
The agreement provides that ANGLE will work with BFTP to form companies in the
South Eastern Pennsylvania region to promote economic development in the region
through the formation of technology based enterprises.
Commenting on the formation of Parsortix, ANGLE's Chief Executive, Andrew
Newland said:
'We are delighted to have launched Parsortix Inc. The prenatal diagnostic
market is one that is ready for a new approach and the benefits of early
diagnosis without the risk of maternal invasive procedures is enormous.
This is the first company resulting from our preferred commercialisation partner
agreement with Ben Franklin Technology Partners of Southeastern Pennsylvania
(BFTP/SEP), which provides ANGLE access to commercialisation opportunities from
more than $1 billion of research funding per annum in the Greater Philadelphia
region.'
For further information
ANGLE plc +44 1483 295830
Andrew Newland, Chief Executive
Rob Kornblum, Managing Director US Ventures
Buchanan Communications +44 20 7466 5000
Richard Darby, Suzanne Brocks, James Strong, Amy Rajendran
Notes to Editors
Founded in 1994, ANGLE is an international venture management and consulting
company focusing on the commercialisation of technology and the development of
technology-based industry. ANGLE creates, develops and advises technology
businesses on its own behalf and for its clients.
ANGLE is listed on AIM (AGL.L); further information can be found on
www.ANGLEplc.com
This information is provided by RNS
The company news service from the London Stock Exchange