Cellbxhealth (LSE:CLBX) — Annual General Meeting

0:01 Good afternoon, ladies and gentlemen, and welcome to the Angle PLC Annual General Meeting. Throughout this meeting, attendees will be in listen only mode. As stated in the AGM notice, shareholders were able to pre submit questions to the Board in advance of the AGM. So therefore, further questions will be accepted during this meeting. I'd also like to remind you that this meeting is being recorded. I'd now like to hand over to Garth Pearlie, Chairman of Angle Group. Good afternoon to you, sir. Good afternoon, and welcome to the eighteenth Annual General Meeting of Angle PLC year ending 12/31/2020.

0:35 I'm Garth Salvi, chair of the Angle PLC board. As per the notice of 06/04/2021, the meeting is a closed meeting due to ongoing and hopefully final restrictions associated with COVID nineteen. The executive, Andrew Neil Newland and Ian Griffiths, are in the company's headquarters, Also, nonexecutive team being myself, Brian Owlitz, and Jan Gruen are online from our homes. Shareholders and other attendees are online from various locations, and the angle board extends warm welcome wherever you are based. Quorum is two amendments. The meeting is therefore and. Shareholder votes have been submitted online, and there will be no voting at this meeting.

1:28 I'm pleased to announce that 75,073,402 shares voted, representing 35% of our issued share capital. All resolutions, both ordinary and special, as set out in the notice of the AGO, were duly carried by the required majority, most in excess of 99%. Resolution two on the remuneration policy was in excess of 94%. Resolutions four and five regarding LTIP and share options, all the latter three being advisory votes, were carried at a slightly lower level of above 86%. Board will expect the necessary the necessary caution implied when dealing with the time limited powers granted by these resolutions.

2:22 I can formally declare, therefore, that all resolutions have been carried by the necessary majority. Full detail will be posted on the website. Formal part of the AGM is now concluded but will be followed immediately by an update from the chief executive, Andrew Newland. And then there will be a session where you your submitted questions will be answered by members of the board. Both sessions lasting minutes.

2:50 I'd like to thank you, its shareholders, for your support. I once again thank all Angled staff for their their continuing hard work and contribution. Angled remains in a strong market position, and with new funding is now able to expand its activities and further commercialize its offering. I shall hand you over to Andrew to tell you more. Andrew?

3:19 Think company. Point. Important very font, And and I the reason for that is that it is crucial fact that as a result of our placing that we've just completed under US securities law, the persons located in The United States are not allowed to attend this presentation, and that is a requirement for us to make that comment. And then the other this is also related to some of you will have noticed that the email alert system at Angle has been taken down at the moment. And in addition, there is a website blocker. So if you want to click through to our regulatory news alerts, you you have to confirm that you're not from The United States and some other restricted jurisdictions.

4:15 As I say, that is part of The US securities law in relation to the placing that we've just successfully completed because it was there were some limited number of US investors approached as part of that, and we're very pleased that some of them joined the placing. So that's the reason for those, legalities. In in terms of, our business, as you all know, we're focused on transforming cancer care through a liquid biopsy based on a simple blood test. We're now in a very strong place to execute that strategy. The placing was oversubscribed. We were well supported by new and existing shareholders, and it included substantial investment from a specialist healthcare sector investor, which we're very pleased to welcome to our register.

5:11 And what I'm going to do now is, in a relatively brief format, take you through a number of the key slides that were used in the investor presentation. Indeed, these are the same slides that the investors saw when they were assessing the placing. So that takes us on to our summary slide. So we're seeking to transform cancer diagnosis and treatment through the provision of personalized care. And the idea here is that we can enable repeat testing with the patient's condition so that they can get the most appropriate treatment according to their current condition. And this isn't currently possible. That's why the liquid biopsy market is so important because the tissue biopsy can only be done once, and it becomes out of date, quite rapidly.

6:02 And that is a huge market estimated by Cowen and many others to be worth over USD 100,000,000,000 per year, and that's in The United States alone. And the fundraising that we have just completed builds from the strong and strengthening position from our new Pharma Services business from our clinical laboratories and is designed specifically to enable us to address a major new opportunity in prostate cancer. So that will extend our offering from breast and ovarian to breast and ovarian and prostate as well. And the reason that we have got a very good differentiated position in this liquid biopsy market is that we believe we, through the parsortic system, can offer access to the best possible sample, for analysis.

6:55 And that is because, we're harvesting living intact cancer cells that are involved in the metastatic spread of the patient's disease. And that contrasts with the many other players in the liquid biopsy market, including those listed on this slide, that are focused on analyzing fragments of dead cancer cells. So obviously, if you've got an intact living cell which is involved in spreading the disease, and remember that over ninety percent of cancer patients who die, die from the spread of the disease, then you can look at all aspects of the cancer. You can look at DNA, RNA, and protein expression just as you can with a tissue biopsy. But, however, if you only have a fragment of a dead cell, you're limited to looking at DNA.

7:41 So we see the circulating tumor cell analyte that Arcelorix is focused on as being highly complementary to ctDNA. And indeed, the large companies who are involved in ctDNA, our pitch to them is, why don't you work with us? Because then you can extend what you're analyzing from just DNA to also RNA and protein expression. So we very much want to work together with incumbents in this market. We've got a coherent commercialization strategy, for Pathsortix, and it's based on the left hand side on our leveraged r and r and d approach. This has been very successful, and we found that we've now got 28 independent cancer centers who produced 45 peer reviewed publications on Parzortix, all of them favorable and available for all to access via our website.

8:32 And that's shown that Parzortix system can work in over 24 different cancer types. So when we say it's a leveraged r and d strategy, what we mean is we've got our product into the hands of leading cancer research centers, and they are using it to investigate new uses. So that means that they take on the investigative requirements and the costs associated with that, and we benefit from many different possible uses of ParseAutics being tried out in different pilot studies. So the second column of our commercialization strategy here is the angle development process. And this is where we've selected a number of these pilot uses or pilot studies demonstrating potential uses and tested those out in our own laboratory. Then we've developed assays or tests relating to a particular use. So for example, the development of a PD L1 assay is something that we've spent a lot of effort into recently.

9:26 And we're also validating the clinical utility of a number of these different, applications, as in, for example, our ovarian cancer work at the moment. And once that development process is complete, we transfer the assay into our clinical laboratory. So this is a new part of our strategy, which has been added, started earlier this year, although it's been something that we've been planning for for a period of time. So we have now two clinical laboratories, one in The United States and one in The UK. Between the two of them and the new work that we've done on blood stability, which means that we can process samples up to ninety six hours after they've the blood has been drawn from the patient, enables us to offer a global service. You can draw blood from a patient anywhere in the world and ship it to one of our two laboratory laboratories for analysis.

10:16 And we're using our clinical laboratories as accelerators and demonstrators, in twos in two particular, spheres. One of them is pharma services, and we set up a new pharma services business this year, which is offering the use of ParSortic system for cancer drug trials. And I'll talk more about that in a minute. And the other one is for laboratory developed tests. These are patient related tests which are validated under the clinical laboratories accreditation. So we're doing that to prove our uses and generate initial revenues, from our products. And then we we intend to transfer that across to third party centers, third party contract research organizations who can, run pharma services themselves and to third party reference laboratories, who can offer clinical tests. So that's how we see this as a leveraged commercialization.

11:11 The aim is that we prove out uses and then we put them into the hands of the incumbents in the industry. And they then interact with patients, and are involved in the sales and distribution channel of the services offered. And all of this can be turbocharged by the FDA clearance product clearance that we're progressing. So we've got a coherent strategy to commercialization, enabling us to address a very, very large global market. As you know, we've been working for some time on the product regulatory clearance. Now remember that, the business areas in the clinical lab do not require an FDA product clearance. This is if you want to sell a product direct to a hospital for use. And we're seeking to be the first ever company to have an FDA cleared product for harvesting cancer cells from patient blood for subsequent analysis. And in the first instance, that will be in metastatic breast cancer. So we've made a full de novo submission to FDA in that regard at the end of September last year, and we had an additional information request back from FDA which provided a detailed set of questions indicating that they've done a comprehensive review of our submission. And we have now successfully announced earlier this month that we have made a full and comprehensive and positive response to all the questions submitted by FDA.

12:39 They've received that and we've had confirmation that we are back in the process of FDA review. So we're anticipating a regulatory decision from the agency in the second half of this year. And that will open a large scale market opportunity, estimated ultimately to be worth as much as $4,000,000,000 per annum in The United States market alone. And this is driven by the fact that metastatic breast cancer patients are required under the National Cancer Guidelines to have a tissue biopsy to guide their treatment. It is so important that the National Cancer Guidelines recommend a tissue biopsy even when this is very invasive for the patient.

13:24 But in fact, half of all metastatic breast cancer patients are either too sick or their tissue biopsy location is inaccessible, so they don't get anything. So we're offering an alternative for these patients to have a blood test instead. Now we're moving on to the two clinical labs. And as I said, we set these up earlier this year, so they've only only got been open for a couple of months. But the good news is we've set up and started marketing to pharmaceutical companies to secure cancer drug trials, And we've got the first large scale contract announced worth $1,200,000 in revenues to Angle over an eighteen months period. And we're we're setting up our our two labs so that, they have each the capability of a 100 samples processed per day, and that would open up potential for 50,000 samples per year.

14:17 Now we can currently charge the pharma companies a baseline price of a thousand dollars per sample, and that's for our baseline portrait plus assay, which looks at the number of cancer cells present, their phenotype, the number of clusters, and so forth, gives a picture on the metastatic site. And then, we can charge up to, say, $2,000, where the where the, customer wants some additional analysis of the cancer cells. For example, looking at individual proteins expressed or looking at molecular analysis of the cancer cells. So there's a very large scale opportunity just from those two labs. But as I as I mentioned at the beginning, this is this is only the beginning. So it's the accelerator and demonstrator. And we want the equivalent of thousands of these labs all over the world in the future, but not run by angle, run by other third party laboratories that wish to offer a ParSaltic service. So we're proving this out so others can adopt it.

15:16 But we're very pleased with the way that the, pharma services business has already started to develop, and it it does offer a large scale market opportunity. So we've we've sized out in this slide just one subset of that market, which is those cancer drug trials which are interested in PD L1 expression, of which there are 2,400, trials registered on clinicaltrials.gov, with a potential of 400,000 just under 400,000 patients in those trials. Each one of those patients theoretically could have at least three samples sent to ANGLE for analysis in the cancer drug trials. And the reason I say three samples is because that would enable longitudinal monitoring, which is what the pharma companies want. They want to look at the patient status before they have the drug, whilst they're having the drug, and after they've had the drug. So that gives them a picture of how effective their drug was on the metastatic, cascade within the patient.

16:17 And, of course, you can't do longitudinal monitoring with tissue biopsy because you can only do tissue biopsy once. You can only cut cut the cancer out once. So we're offering them something that they can't otherwise get. And now you can you can do longitudinal monitoring with, circulating tumor DNA, but you can't, with that, look at proteins or RNA. And when you think the PD L1 is a protein, really, the only way you can do this is via analysis of circulating tumor cells. So we see this as a very substantial opportunity for Angle to build our commercial business into pharma services. And part of the monies that we've just raised are to enable us to expand our capability to provide bespoke services with an assay development capability. So that means that the pharma customer can come to us and say, we're interested in your service, but can you also look at this particular protein, which happens to be the focus for our own cancer drug trials? And the answer will be, yes, we can. We'll do a development contract with you to develop the ability to measure that protein.

17:19 So that's pharma services. I said there were two parts to the clinical laboratories offering. The second one is laboratory developed tests. So this is where the patient has a blood draw, the doctor sends it to our lab, we analyze it, and then send the information back. A laboratory developed test is different from an FDA cleared test offered by an accredited laboratory. So both on our clinical labs, we're following an accreditation process. We expect that they will be accredited by the end of this year, and then they will be allowed to offer validated tests. They don't need to go back to FDA for that. FDA is only in relation to selling a product. So our first laboratory developed test is in relation to the detection of ovarian cancer, and specifically, we're focused on women with an abnormal pelvic mass that requires surgery.

18:10 There are over two hundred thousand women a year in The United States who have such surgery. Indeed, the the whole area of pelvic mass is a very common, occurrence. Over between five percent and ten percent of women will suffer from an abnormal pelvic mass. So we've got our clinical verification study in progress at the moment. It's due to complete, and so that we have headline results in q four of this year. So it's not that far away. And we're aiming, assuming we've got the laboratory accreditation in place in time, to launch our first LDT to detect ovarian cancer by the end of this calendar year. And that will open up another large market, a $1,300,000,000 market, potential opportunity. And in The United States, there are five hundred thousand women a year who are diagnosed with pelvic mass, all of which could be a target for this test offered from our laboratories.

19:08 Now, the next major focus for Angle is, in relation to prostate cancer. And this is the main area of funding from the current placing and the impetus for us to actually go out and raise funding at this point in time. Now prostate is a very common cancer for men. Indeed, a lot of men have undiagnosed prostate cancer when they get over a certain age. So the problem with the current standard of care is that it revolves around the blood test PSA, which is free floating protein in the blood. And if that's high, upregulated PSA level, then the patient is at risk of prostate cancer. But in reality, seventy five percent of positive PSA tests do not result in cancer. There is no cancer present. They are false positives.

20:02 And so the rather graphic photograph that you see in the top right of this slide is a procedure that many, many men have when, in fact, only twenty five percent of those who experience it actually had a cancer that required investigation. So there's too much intervention as a result of a very poor test with PSA. Furthermore, the men who are found to be, prostate cancer positive, sixty percent of those have an indolent slow bone disease, which is not likely to progress. They're more likely to die with it than from it. And yet, the normal psychological response if a man is diagnosed with prostate is to ask for a surgical removal of the prostate gland, a radical prostatectomy. And regrettably, that has a near certainty of significant side effects, including urinary incompetence and impotence.

20:52 So sixty percent of the men who go through that didn't actually need it. And what we really could have done with is a method to identify whether they had clinically significant aggressive prostate cancer. So on on the basis of pilot work done by Bart's Cancer Institute in London, we have some evidence that suggests that our parsortic system, by detecting the presence of certain types of circulating tumor cells, may be able to assist with the question of non invasive detection of prostate cancer, so if to reduce the number of unnecessary biopsies, and critically, an assessment of its aggressiveness. And they did work which showed high risk individuals based on a prostate test

21:36 with Parzortix had a hazard ratio 10 times higher than low risk. That meant they were ten times more likely to die, and it indicates the possibility of using the Parzortix test not only to detect prostate cancer, but really importantly to determine whether it's clinically significant and needs to have aggressive intervention or not. So this is a big opportunity for ANGLE. There are over 11,000,000 prostate PSA tests every year in The United States and over 1,000,000 prostate tissue biopsies in The United States. So all of those are tremendous, need for blood test alternative, and that opens up a market, total addressable market for Angle of $6,700,000,000. So we thought it was very, very important for us to take advantage of this opportunity, particularly because there's a group of

22:27 urology clinics in The United States that deal with thousands of men with these kinds of conditions who want to partner with us. And they can give us ready access to patient samples so we can fast track the necessary clinical trials to prove out such a product, and they can also be one of many routes to market to enable us to get this product into the market as quickly as possible. So they gave us market access. So now I'm coming on to the, the final summary slide, and, this this is just showing, that we have multiple near term milestones coming through, with Angled now that we're very much on a commercialization track. We've got an expanding pharma services business. We're talking to multiple large scale pharma services sorry, pharma companies who may provide large scale pharma services contracts for us, including some household names.

23:20 We have the prospect of FDA clearance coming through later this year. Likewise, we've got the prospect of ovarian cancer results coming through, headline results by the end of the year in q four. And we're aiming to launch our first LVT, which will be in ovarian cancer, by the end of the calendar year. Meantime, as you know, our commercialization strategy also revolves around partnerships with large incumbents in the field. So big medical technology companies who already offer products in relation to tissue biopsy, we can offer them the ability to offer the same product, but just using blood as the source of cancer cells for analysis.

23:58 We've got an increasing number of peer reviewed publications as the basis of our leverage research activity. We're getting as many as one peer reviewed publication every month now from third parties. And of course, now we're starting a major new opportunity in prostate cancer. So I'd like to thank all the shareholders for their continued support, and we appreciate it. And we're on a very exciting journey. It's good to have you with us. Thank you. I'll pass back to Garth. Thank you, Andrew, for an excellent presentation. I've heard it before, but I still enjoyed hearing it again. Absolute fabulous. We now have AGM questions that have been submitted to the board, and I'll go through those. And this is the final section of the AGM.

24:46 And the first question is for Ian to answer, and that is why did you choose to do a fundraising now rather than wait until after FDA approval?

24:58 How much money do you have now and how long will it last? Ian. Thank you, Carl. Well, as Andrew highlighted, we've got a specific opportunity now to progress the prostate cancer with a partnership with a major group of U. S. Urology clinics. That's too good an opportunity to pass by. We want to maintain momentum with our commercialization.

25:21 And again, that involves building out the US commercialization team in particular. So we've some good momentum. We've got in a strong position. We thought it was a good opportunity to accelerate commercialization and exploit that now. In terms of the overall quantum of funding, there's some additional money that's strengthening the balance sheet, but it's in good position for discussions with or ongoing discussions with pharma and potential partners. And the cash is designed or the the new funding with the existing cash is designed to take us out to q one calendar year twenty three, early q one. Thank you, Ian. The next question is for Brian. And it is isn't FDA clearance essential before significant revenues can be achieved?

26:10 What will you do if it is not successful?

26:18 Brian? So

26:28 the company has been very smart in framing its regulatory strategy. It's pursuing two clearance pathways. The first, as Andrew has mentioned, is the FDA one for product clearance where the product is to be sold eventually to hospitals, hospital clinics and so on. And the second is the

26:49 CLIA or CLIA accreditation where a service is to be offered by a clinical laboratory as Andrew has explained. For those of you who are unfamiliar with the acronym

27:05 is Clinical Laboratory Improvement Amendment. So one can achieve commercial success that way by getting clearance. So in summary, Angle is pursuing a dual track regulatory strategy. And it's worth noting that all the other players in the liquid biopsy market offer services from clinical laboratories. They do not have a product and are not pursuing an FDA product clearance. I think Andrew mentioned that we are going to be the first company to achieve product clearance in this field.

27:42 As again Andrew mentioned, clinical laboratories are now established and we've won our first large scale pharma services contract with a major player in

27:55 the field of cancer diagnostics. And that business, the clinical laboratories business can operate whether or not we get FDA product clearance. And the pharma business, as you've seen, is already showing signs of the potential to grow fast and once again doesn't depend on FDA clearance. Although, as Andrew mentioned in his presentation, the FDA clearance being the regulatory gold standard that everybody recognizes will be something which will turbocharge the business across many fronts.

28:34 So that's all I have to say on that. Thank you, Garth. Thank you, Brian. Thank you. And the next question is for Andrew. Why would pharma companies want to use Partzortix in their cancer drug trials? Can the c d d n a companies have this market set up already?

28:55 Thank you, Garth. Well, I think it's a good question in the sense that the established liquid biopsy companies in ctDNA, they do have some pretty substantial revenues in this space. So the the most recent numbers for Garden Health were that they generated $60,000,000 in revenues from pharma services last year. And Foundation Medicine was actually a few steps ahead of Garden originally. And they were acquired by Roche, which is a very big pharma company, because Roche wanted their capabilities for pharma services. And the enterprise value, I think, was over $5,000,000,000 for the Foundation Medicine acquisition. So clearly, these companies can do a lot of things in terms of pharma services.

29:41 However, they can only do certain things. So they can do DNA investigation, but they can't do RNA investigation. So we've actually had some of the sales pharma sales representatives from from these large scale c t d n a's actually saying, ah, now I understand why pharma said to me, can you tell me whether the DNA is actually expressed or not? Because Because that that means, means, can you tell me what the RNA is? Which at the moment, they cannot do. And I explained in the presentation that most of the new focused drugs like immunotherapies focus in on particular proteins. So these are proteins expressed on the surface of the cancer cells. You cannot look at that if you're only looking at a fragment of DNA of a tiny fragment of dead cell.

30:32 You but you can if you've got circulating tumor cells. So I think the reality is that the pharma services market is very, very large and the incumbent ctDNA players can address some of it, but not all of it. And we're, as I mentioned earlier, we're putting a particular emphasis following this placing to building out our assay development capability. So we have our baseline assay of Portrait plus We've now got Portrait plus PD L1 looking for the PD L1 protein on the cancer cells. Soon, we'll have, I'm sure, DNA damage repair will be an area of focus. Lots of other proteins that these pharma companies want to look at as part of their trials. So we're going to be adding a capability with in house ANGLE to be able to optimize our different tests to look for their proteins.

31:20 So I think there's a wide open opportunity for ANGLE in cancer drug trials, and we're very much complementary to what's been done by ctDNA so far. Thank you.

31:30 Thank you, Andrew. And the next question is for Yan. Why are you choosing to work on prostate cancer now rather than, say, lung cancer?

31:43 Well, thank you, Garf. I think, one of the key problems in prostate cancer diagnosis is the low specificity of the PSA test that really is leading to many unnecessary prostate biopsies. So radical prostatectomy, or I would surgical intervention, has major negative implication for patients, yet over sixty percent of prostate cancers are still indolent.

32:07 So there's a real need for a noninvasive test really access to clinical significance of prostate cancer to avoid unnecessary interventions for so called nonaggressive cancers. Andrew, have you anything to add here? Well, I think the the question also asked lung cancer, and I do think that is an interesting area. It's it's one that's sort of fairly high up on our on our radar list, and we've already got 10 peer reviewed publications by independent cancer centers showing that our system works well with lung. But our reason for focusing on prostate, as Ian mentioned, is the collaboration with the group of urology clinics that we've got in The United States. And the fact that that will fast track the necessary patient studies to be able to prove out this assay and also provide a commercial partner to enable rapid market access.

32:59 But certainly, lung cancer is one for the future. Thank you. Okay. The next question is, again, for Andrew. How does ParSortics compare to GRAIL cancer screening technology? Are they complementary, and have you had any dialogue with GRAIL? So GRAIL has been very successful in getting quite a lot of publicity. They seem to be able to get all over the newspapers and so on and so forth, but they're still pretty early stage. What's different about them, of course, is they raised $2,000,000,000 investment money before they had pre revenues. So there's a lot of money that's gone into supporting GRAIL. The difficulty with screening test so we're not we're not currently actively pursuing screening for cancer in asymptomatic individuals.

33:54 Of course, we are involved in the detection of cancer in high risk groups, like women with a pelvic mass and soon to be men with a PSA test, is positive. But we're not involved with asymptomatic individuals for several different reasons. One is the the the time scales and cost of the studies to prove out

34:14 the use. So you only have to think about The UK C tox trial, which was a ovarian cancer screening study, which was done by UK government. 200,000 patients were monitored for fifteen years, twice a year. And still, they didn't get a positive result from the screening. So we don't want to be involved in things which are commercially not not close enough for for a company of our scale at this point. Another problem with screening is that you can end up with overdiagnosis and overtreatment, and the reason I say that is several fold. But one of them is that it's already published that ctDNA, which GRAIL and other companies like them look at, not CTCs, by the way, ctDNA, has been shown to be, in the bloodstream of over ten percent of people over the age of 65 who do not have cancer.

35:09 So if you just listen to that carefully, people who do not have cancer have c tDNA in their blood if they're over 65, ten percent of the time. So there's gonna be a lot of false positives. That's a that's a major problem. Second problem is if you look at autopsies of, people who died from reasons other than cancer, and we've only looked at this in prostate cancer, but even from the age of 30 years of age, five percent of men who have an autopsy, they died not of cancer, have got prostate cancer. And up into the seventies, it's as high as fifty percent have undiagnosed prostate cancer. So that, again, is pointing to the need for something that assesses clinical significance and aggressiveness of disease. It's not actually gonna help patients to diagnose something which would never have given them any symptoms or affected their life in any way at all because that causes overtreatment and overdiagnosis.

36:01 So we see a number of con of challenges relating to cancer screening in asymptomatic individuals. That said, as we talked about before, the parsortic system, because it's looking at living cancer cells that spread the disease, is ideally placed, to assess the aggressiveness of cancer. And therefore, we think there's a great opportunity for us to partner with any of these cancer screening companies because they may be able to detect cancer, but Parthortics may be able to assess whether it's clinically significant and requires intervention. And consequently, we have sought to engage talk to as many of these large ctDNA companies as possible, and we're continuing to talk to them, they're beginning to get the message. So I think this is a question of sort of watch this space as we go forward. I do think it's very exciting that Grail and and various other companies have got similar scale and interest because it is it's a demonstration that the entire industry is beginning to realize the value of liquid biopsy and how the improvement of personalization of medical care can can improve patient outcome, but also reduce costs eventually.

37:11 So I think it's a very good question, and I hope hopefully, that's a reasonable reasonable answer. Thank you, Andrew. Very good question and very good answer. It shows what the opportunity is for Angle. And the last the next question is the final one, and, again, it's for Andrew. And the question is what is the current status of the IC technology? How does it compare to the competition? Does this open other market opportunities for Angle? Oh, well, thank you for the question. So HiSeed is the proprietary molecular analysis platform that is owned by Angle. Those of you who've been following the company for some time will be aware that, we originally started work in ovarian cancer, with two two parallel studies, where both studies use the, parsortic system to get out any cancer cells that might be present.

38:05 And then one of them used the traditional PCR molecular analysis to look for the presence of ovarian cancer transcripts. And the other one used an innovative new technology called HiSeq, which at the time was owned by a small Canadian company. And we we found that the HiSeq one outperformed the qPCR approach very significantly, both in terms of cost, efficiency, and very critically in sensitivity. And then opportunity came up. And back in 2017, we acquired that technology. So it's become the bedrock of our ovarian cancer test. Ovarian cancer test combines pulsatis to get hold of cancer cells and HiSeq to analyze them. And since then, we've done a lot of optimization on the HiSeq platform. We're waiting for the ovarian cancer clinical verification study to confirm its level of performance, but we think it has a widespread opportunity that we will be exploring further. So we're intending to do some, head to head comparative studies between our HiSeq molecular platform and some of the other established platforms on the marketplace.

39:11 And the opportunities are, higher sensitivity, so detecting, the presence of cancer or or other things at very, very low levels. The ability to multiplex and do cancer gene panels and also a low cost of goods. If all those things come together, we've already made preparatory, plans for not only an ovarian cancer gene panel, which we already have and we are using in our current study, but also, a breast cancer gene panel and a prostate cancer gene panel. And, those will be highly relevant, to the pharma services industry as well because they would also, in addition to looking at what cancer cells are there, they would very much like to see the RNA expression and molecular analysis of those cells. So I think that's one to watch. We've deliberately not profiled HiSeq particularly highly yet because we want to have more data to support its comparative performance compared to other things in the market. But, nevertheless, a good question. Thank you very much.

40:12 Thank you, Andrew. Well, thank you everyone for attending. That was the final question and the meeting is now concluding. We hope to see you to see you for real, that is not by video. We hope to see you all again soon. Thank you. Thank you very much indeed to the board from Angle for updating attendees today. Could I please ask the attendees not to close this session as you'll now be automatically redirected for the opportunity to provide feedback in order the board can better understand your views and expectations. This one will take a few moments to complete, and I'm sure will be greatly appreciated by the company. On behalf of the management team of Angle PLC, we'd like to thank you for attending today's, meeting. That now concludes the session. Good afternoon to you all.