Angle (LON:AGL) (AGL 27.5p/£8.37m)

ANGLE, which focuses on the commercialisation of technology, last week announced its audited results for the year ended 30 April 2011. The company reported continued progress with its portfolio of companies of which the highlight has been Parsortix, its 80 per cent. subsidiary.

Parsortix has developed an innovative cell separation platform technology for the isolation of blood cells, including cells which occur in very low numbers. This technology was previously proven in the separation of intact foetal cells from peripheral maternal blood but the company has now decided to focus resources on investigating whether and how Parsortix’s separation device could be used to capture cancer cells in blood. Successful initial findings were announced on 28 June 2011 and a fundraising of £1.25 m was announced on 15 July to provide funding to validate the initial findings and progress development of the separation device. If successful, the company believes that it will have a major opportunity to develop a patent protected cancer diagnostic device for the capture of circulating tumour cells in cancer patients, which will address a key medical requirement.

The other portfolio companies (Acolyte Biomedica, Geomerics, NeuroTargets and Novocellus) have also made steady progress and have been structured so that they can develop but with the company’s ongoing investment commitment being minimal. The management services division continues to face challenges with pressure on UK government contracts and uncertainties in the Middle East, but reported increased profits before tax of £0.3m (2010: £0.2m) on revenues of £2.4m (2010: £2.4m). This leaves the company in the position of being able to focus resources on the development of Parsortix, whilst knowing that it has other potential streams of income.

Anglesey Mining (LON:AYM) (AYM 56p/£88.57m)

Anglesey Mining has a 33 per cent interest in Labrador Iron Mines Holdings Limited (LIM, 10.93p/ £588.64m); a TSX quoted Canadian company with 39m tonnes of compliant direct shipping hematite iron ore and 125m tonnes of historical resources near Schefferville in Canada, where production and processing of iron ore is now underway. The market value of the group’s investment in LIM at 31st March 2011 more than doubled from £75m in 2010 to £156m at 31ST March 2011. The first of the LIM’s iron ore deposits has been brought to production. The Company is awaiting development of its 100 per cent stake of…

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