TIDMABH
RNS Number : 0036D
Angel Biotechnology Holdings Plc
10 May 2012
10 May 2012
Angel Biotechnology Holdings plc
("Angel" or "the Group")
Acquisition of assets of biomaterial manufacturing business
Launch of Angel Biomedical Limited
Angel Biotechnology Holdings plc, (AIM:ABH), the
biopharmaceutical contract manufacturer, is pleased to announce
with immediate effect the acquisition of the assets of an
established biomaterial and collagen manufacturing business,
through its newly formed and wholly owned subsidiary, Angel
Biomedical Ltd (ABL) (www.angelbiomedical.com).
ABL has been formed to enable the Group to become an active
service provider and manufacturer of collagen products in the
medical device, in-vitro diagnostic and regenerative medicine
markets. The formation of this subsidiary also heralds a
significant expansion of Angel's capabilities by supplying
specialised high value products and services that will allow access
to new clients, whilst synergising with Angel's existing GMP
bio-manufacturing business.
The assets of the business have been acquired under favourable
terms for a total cash consideration of GBP200,000. ABL will take
ownership of the manufacturing plant, equipment and raw material
stock based in premises in Glasgow. This, as well as a separate
five year property lease on the premises which has also been
negotiated on advantageous terms and working capital for the new
business, has been made possible via a capital investment in ABL by
Angel, financed using part of the proceeds from the Placing
announced on 19(th) March 2012 and approved at the EGM on 13(th)
April 2012.
The facility is 6,500 square feet and comprises one large Grade
C clean room, two smaller grade B rooms, with laboratory and office
suite. The facility will be staffed immediately by two senior
scientists and will draw on Angel's resources for technical
support, Quality Assurance / Quality Control, logistics and
administrative support. The facility will operate under an ISO
13485 Quality System.
The facility has historically been used for the production of
collagen, which has been the implantable biomaterial of choice for
several decades due to its conserved structure across species and
its physiologically resorbable nature. Collagen also has the
flexibility to enable a range of product formulations and scaffolds
for tissue engineering.
This significant precedence of use, coupled with the immaculate
provenance of the business' raw material supply, critical to the
manufacture of highly purified GMP medical grade collagen, will
provide ABL with a significant competitive advantage to supply
collagen, as well as extended services, such as product
development, manufacture of collagen-based tissue scaffolds and the
production of cell/scaffold products.
These activities will be complementary to Angel's existing core
business in advanced biologics which will provide a major
development engine and source of GMP cells and proteins for its
advanced biologics products. ABL, coupled with Angel's expertise
and knowledge of the stem cell market, will also seek to identify
opportunities to develop its own products.
The opportunities within ABL's target market can be quicker to
realise than Angel's core business and it is therefore anticipated
that ABL will make a positive contribution to the Group's earnings
within the short to medium term. Angel is nearing the end of
negotiations with a sizeable customer on a long term supply
contract for materials supplied directly from ABL. The Group
anticipates other contracts will follow and is already in
discussions with a number of companies who recognise the potential
in ABL's extended value offering and looks forward to communicating
these in due course.
Dr Paul Harper, Executive Chairman, Angel Biotechnology
Holdings, said:
"The formation of ABL provides significant strategic advantages
to the Group, and the distinctive competencies offered will provide
a one-stop shop for companies in the regenerative medicine space.
Angel will now have the capability to develop a new customer base
with new products in sectors well understood by our business. ABL
will also provide access to a range of new markets by offering
customers the means by which to convert advanced biologics and cell
therapies currently being manufactured by Angel into formulated,
finished products such as medical devices and in vitro
diagnostics.
The Group is strategically in a stronger position to respond to
global demand in patient-defined personalised medicine, and also
the commercial need by companies to expedite such products to
market, allowing Angel to play its part in a robust regenerative
medicine sector".
For further information:
Angel Biotechnology Holdings plc
Stewart White, Commercial Director, Acting CEO
www.angelbio.com
Lorna Peers, Finance Director +44 (0) 131 445 6077
Grant Thornton, Corporate Finance
Colin Aaronson / Melanie Frean / Elliot Berg +44 (0) 20 7383
5100
Hybridan LLP (Broker)
Claire Noyce, Deepak Reddy +44 (0) 20 7947 4350
Media enquiries:
The Communications Portfolio Ltd
Ariane Comstive / Caolan Mahon +44 (0) 20 7536 2028 / 2029
ariane.comstive@communications-portfolio.co.uk
Notes to Editors:
Angel Biotechnology Holdings plc is a full service contract
bio-manufacturing partner to biotechnology and pharmaceutical
companies worldwide. Angel specialises in advanced biologics
including biopharmaceutical proteins and cell therapies, such as
cellular vaccines and stem cells. At present, Angel's products are
principally used in pre-clinical studies and clinical trials with a
view to becoming the contract manufacturer of choice on a
continuing basis.
Drug development companies outsource their biopharmaceutical
manufacturing requirements to Angel to reduce their own capital
requirements and enable them to develop products more rapidly. In
addition, Angel provides complete regulatory services and
documentation to its customers while its manufacturing processes
adhere to the most stringent regulatory requirements. Products are
produced to current Good Manufacturing Practice (cGMP) standards as
required by the US Food and Drug Administration (FDA), and in
facilities that are certified to European standards by the
Medicines and Healthcare products Regulatory Agency (MHRA).
Its customers range from early-stage biotechnology companies
including ReNeuron plc and US-based Pathfinder Cell Therapy, to
established pharmaceutical companies such as Russian-based Materia
Medica Holdings.
The Angel Group has three facilities: Pentlands Science Park
near Edinburgh where it employs 38 people, Cramlington, near
Newcastle-upon-Tyne, which is expected to employ up to 10 people by
the end of 2012 and the newly announced facility in Glasgow.
More information is available at www.angelbio.com .
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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