Angle has raised new development funds with the business’ finance director, Ian Griffiths, amongst the subscribers.

The company, which joined the Alternative Investment Market in 2004, will use the £700,000 raised to strengthen its financial position and support the launch of its Parsortix cancer diagnostic product, aimed at the research market.

Angle’s last fundraising came back in January when it raised 1.2 million to provide initial funding for the cancer product.

The timing of the funding coincides with Angle’s preliminary results for the year ended 30 April which shows that losses have risen from £400,000 to £2.7 million following increased expenditure in relation to the Parsortix development.

Andrew Newland, founder and chief executive of Angle, says that the new capital will enable the business to continue with its ‘strong progress’.

He adds, ‘The Parsortix CTC capture product is addressing a market worth over $4 billion per annum in the United States alone.’