REG - Fusion Antibodies - First purchase order under MSA

Fusion AntibodiesAnnouncement

27/02/2024 07:00

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RNS Number : 5122E  Fusion Antibodies PLC  27 February 2024

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

First purchase order under MSA

Order with leading diagnostics company under master services agreement

 

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications, announces it has received a first purchase order under the
master services agreement ("MSA") with a leading diagnostics company (the
"Client"), details of which were announced on 14 February 2024.

 

In line with the Company's stated strategy to target its services into
adjacent markets, and in particular into the diagnostics sector, the Company
announced that it had negotiated and signed the MSA with a leading global
provider of diagnostics. The MSA covers a range of Client needs that can be
met through Fusion's service offerings. The first purchase order, valued at c.
£60,000, has been received for an initial project to generate antibodies
specifically for the Client's use in diagnostic products. It is anticipated
that further purchase orders will follow for additional and recurring
projects. The Company anticipates that, given the nature of the work being
undertaken, the majority of the revenue under the initial purchase order will
be recognised in the next financial year, commencing 1 April 2024.

 

Adrian Kinkaid, CEO of Fusion, said: "Reaching this agreement with a world
class diagnostics provider positively reinforces the value to the wider
commercial world of Fusion Antibodies' technologies and capabilities. In this
case it is the generation of antibodies in diagnostics products. We look
forward to establishing a long-term relationship with our new partner and
providing them with assistance to generate better antibodies which are more
manufacturable and can be rapidly deployed in clinical diagnostic products for
the benefit patient well-being across the globe."

 

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                                          Tel: +44 (0)207 186 9952
 Damon Heath (Joint Broker)

 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 discovery and 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 design,
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 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.

 

 

 

 

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