REG - Fusion Antibodies - Appointment of interim CFO

Fusion AntibodiesAnnouncement

24/08/2023 07:00

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RNS Number : 2702K  Fusion Antibodies PLC  24 August 2023

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

Appointment of interim CFO

 

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications, announces that Stephen Smyth has been appointed as interim Chief
Financial Officer of the Company with immediate effect.

 

Stephen has over 25 years' experience working in audit & accounting,
finance, and operations management within both the public accounting and
commercial sectors. Stephen's previous roles include acting as Chief Financial
Officer at Sera Global LP, as well as holding senior finance functions at
Cormark Securities Inc and at PricewaterhouseCoopers (PwC) LLP. Stephen is a
chartered accountant and is currently a partner at FPM, a Chartered
Accountancy practice with offices throughout the Republic of Ireland and
Northern Ireland, including Belfast. At FPM, he provides virtual finance
function solutions to clients ranging from start-ups to private equity backed
multinationals.

 

As part of the ongoing efforts to preserve cash, Fusion will be utilising the
services of Stephen on a part-time basis, supported by a team at FPM, who will
provide the Company with outsourced finance function services. It is
anticipated that the Company will utilise the services of Stephen and FPM
until such time that the trading recovers to levels that would support the
appointment of a permanent CFO and in-house finance function.

 

Fusion Antibodies CEO, Adrian Kinkaid said: "We are pleased to welcome Stephen
on board to manage our finance team. We have been through a period of change
and as we are keeping costs down, this is an ideal solution for us at the
current time to conserve cash."

 

AIM Disclosures

 

Stephen Barry Smyth, aged 48, is, or has been during the last five years, a
director or partner of the following companies and partnerships:

 

 Current:                     Past:
 FPM Accountants Ireland Ltd  None

 AAB Investments Limited

 

Stephen does not hold any ordinary shares in the Company.

 

Enquiries:

 

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

 Richard Buick, Chief Scientific Officer

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

 Tony Quirke/Joscelin Pinnington (Sales and Corporate Broking)

 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 expressed over 250 antibodies and successfully completed over 200
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.

 

The global monoclonal antibody therapeutics market was valued at $135.4
billion in 2018 and is forecast to surpass $212.6 billion in 2022, an increase
at a CAGR of 12.0 per cent. for the period 2018 to 2022. In 2017, seven of the
world's ten top selling drugs were antibody-based therapeutics with the
combined annual sales of these drugs exceeding $63.2 billion.

 

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