ANGLE sells Geomerics business to ARM Holdings

Specialist medtech company ANGLE has raised 6.2m pounds after realising its investment in graphics technology developer Geomerics, which it sold to ARM Holdings. The group said the additional financial resources will be used within its Parsortix non-invasive cancer diagnostics business, enabling it to deliver commercial returns during the next few years. The transaction is expected to contribute up to £1.5m to the company's 2014 financial year profit. £5.5m will be received immediately, while the remaining £0.7m will be paid on December 12th 2015. Andrew Newland, Chief Executive, said: "We are delighted by this transaction and believe that ARM, one the UK's most successful technology companies, represents the ideal custodian for Geomerics' technology and workforce. "The realisation of our shareholding in Geomerics is a key step in strengthening ANGLE's ability to deliver significant shareholder returns from the deployment of our Parsortix platform in the multi-billion dollar clinical market for the diagnosis and treatment of cancer." NR