REG - Fusion Antibodies - New contract with existing client

Fusion AntibodiesAnnouncement

23/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240523:nRSW5482Pa&default-theme=true

RNS Number : 5482P  Fusion Antibodies PLC  23 May 2024

23 May 2024

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

New contract with existing client

Project to develop therapeutic antibodies to combat a chronic debilitating
disease

 

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications announces it has entered into a contract (the "Contract") for a
new project to develop an antibody based therapeutic (the "Project") with an
existing client of the Company, a US based biotechnology company (the
"Client") pursuant to a collaborative research and development agreement,
details of which were announced on 7 October 2021.

 

The Project is centred on combatting a chronic debilitating disease in humans
and will utilise Fusion's extensive engineering and supply capabilities. The
Contract covers two initial phases of work which, based on the schedule of
work, is expected to amount to revenue to Fusion of approximately £200,000,
all of which is expected to be recognised in the current financial year.
Additionally, royalties will also be due on commercial sales of the final
product once successfully approved.

 

This Contract is separate and in addition to the $650,000 follow-on project
currently being undertaken for the Client, details of which were announced on
6 February 2024.

 

Adrian Kinkaid, CEO of Fusion, said: "It is particularly gratifying to have
again been selected as the antibody engineering partner of choice by our
Client, with whom we have a long-term and highly productive relationship. This
collaboration will run concurrently with other therapeutic projects we are
already performing with the Client. We look forward to again providing high
quality assistance and creative solutions to generate high quality antibodies
which can be brought to the clinic more rapidly."

 

Richard Buick, CSO of Fusion, said: "This Project will make use of our
extensive experience in engineering antibody-based multi-functional
therapeutic proteins, and we look forward to working together with the
Client's labs to develop novel treatments to combat this chronic and
debilitating disease."

 

Enquiries:

 

 Fusion Antibodies plc                                           www.fusionantibodies.com
 Adrian Kinkaid, Chief Executive Officer                         Via Walbrook PR

 Stephen Smyth, Chief Financial Officer

 Allenby Capital Limited                                         Tel: +44 (0)20 3328 5656
 James Reeve/Vivek Bhardwaj (Corporate Finance)

 Tony Quirke/Joscelin Pinnington (Sales and Corporate Broking)

 Shard Capital Partners LLP
 Damon Heath (Joint Broker)                                      Tel: +44 (0)207 186 9952

 Walbrook PR                                                     Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
 Anna Dunphy                                                     Mob: +44 (0)7876 741 001

 

 

About Fusion Antibodies plc

 

Fusion is a Belfast based contract research organisation ("CRO") providing a
range of antibody engineering services for the development of antibodies for
both therapeutic drug and diagnostic applications.

 

The Company's ordinary shares were admitted to trading on AIM on 18 December
2017. Fusion provides a broad range of services in antibody generation,
development, production, characterisation and optimisation. These services
include antigen expression, antibody production, purification and sequencing,
antibody humanisation using Fusion's proprietary CDRx (TM) platform and the
production of antibody generating stable cell lines to provide material for
use in clinical trials. Since 2012, the Company has successfully sequenced
and/or expressed over 750 antibodies and successfully completed over 250
humanisation projects and has an international, blue-chip client base, which
has included eight of the top 10 global pharmaceutical companies by revenue.

 

The Company was established in 2001 as a spin out from Queen's University
Belfast. The Company's mission is to enable pharmaceutical and diagnostic
companies to develop innovative products in a timely and cost-effective manner
for the benefit of the global healthcare industry. Fusion Antibodies provides
a broad range of services in antibody generation, development, production,
characterisation and optimisation.

 

Fusion Antibodies growth strategy is based on combining the latest
technological advances with cutting edge science to deliver new platforms that
will enable Pharma and Biotech companies get to the clinic faster, with the
optimal drug candidate and ultimately speed up the drug development process.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTUUAWRSWUVUAR