(Alliance News) - Angle PLC shares rose on Wednesday, after it signed a contract with AstraZeneca PLC.

Shares in Angle were up 24% to 15.15 pence each in London on Wednesday morning. Shares in Astra were up 1.1% to 11,386.00p.

Surrey-based medical diagnostics provider Angle said it has signed a supplier agreement with FTSE 100 pharmaceutical firm Astra.

It explained that the contract is to develop and validate a methodology leveraging Angle's existing DNA damage response assay for the detection of micronuclei in CTCs as a measure of DDR.

Angle noted that it will develop a novel methodology for CTC micronuclei detection based on its existing pKAP1 CTC-based DDR assay, which measures expression of a key protein in the DNA damage response.

The six-month development phase is worth an initial GBP150,000 to Angle.

Chief Executive Andrew Newland commented: "This is Angle's second large pharma company agreement of 2024 as we look to drive a significant expansion of the pharma services business. It demonstrates the importance of CTC analysis and is a validation of Angle's Parsortix system. Angle is also working to expand its DDR work with other large pharma customers and continues to generate significant new customer interest through its business development activity."

By Sophie Rose, Alliance News senior reporter

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