you should calculate the distances/angles in the right way :
private void timer1_Tick(object sender, EventArgs e)
{
_middle.X -= Convert.ToInt16(_interval * Math.Cos(radians / Rad2Deg));
_middle.Y -= Convert.ToInt16(_interval * Math.Sin(radians / Rad2Deg));
pictureBox1.Location = _middle;
}
Cos, Sin and so on are working with radians and not with degrees ...