REG - Fusion Antibodies - Follow-on project award and R&D update

Fusion AntibodiesAnnouncement

06/02/2024 07:00

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RNS Number : 0930C  Fusion Antibodies PLC  06 February 2024

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deemed by the Company to constitute inside information for the purposes of
Article 7 under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With
the publication of this announcement, this information is now considered to be
in the public domain.

 

6 February 2024

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

Follow-on project award and R&D update

 

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications, is pleased to announce that it has received a follow-on project
(the "Follow-on Project") under a collaborative research and development
agreement (the "Agreement") with a US based biotechnology company (the
"Client"), details of which were announced on 7 October 2021.

 

Under the Agreement, Fusion has been providing discovery and engineering
services utilising its proprietary affinity maturation platform, RAMP(TM), to
assist the Client in a number of antibody discovery and development
programmes.

 

The Follow-on Project is to further progress the lead antibody which was
successfully developed for the Client under the original statement of work and
is anticipated to result in Fusion generating fees of approximately US$650,000
pursuant to the Agreement by the end of March 2025. The US$650,000 Follow-on
Project is separate and in addition to the existing revenues received under
the initial statement of work in the Agreement, which have marginally exceeded
the original minimum of US$1.83 million of fees as a result of additional
elements being added to the project. Further work on potential back-up
antibodies may also be conducted in parallel, subject to agreeing further
scopes of work and fees.

 

Adrian Kinkaid, CEO of Fusion, said: "It is always thrilling and satisfying to
share in our clients' successes. We are delighted that the programme has been
so productive, and we look forward to continuing to work with our Client to
bring better antibodies to the clinic more rapidly. The collaborative nature
of the project, with creative problem solving from both parties over the full
length of the programme, makes this a model example of Fusion's Integrated
Therapeutic Antibody Service (ITAS) and highlights the strong reputation that
Fusion has for delivering high quality therapeutic antibodies.

 

"Whilst it is not anticipated that revenues from the new Follow-on Project
will substantially impact revenues in the current financial year, it provides
a valuable bedrock for the following year. We look forward to continuing to
build on the excellent relationship with our Client and to repeating the
success with more ITAS projects in the future."

 

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 (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 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.

 

The global monoclonal antibody therapeutics market was valued at $186 billion
in 2021 and is forecast to surpass $445 billion in 2028, an increase at a CAGR
of 13.2 per cent. for the period 2022 to 2028. Approximately 150 monoclonal
antibody therapies are approved and marketed globally as of June 2022 with the
top four antibody drugs each having sales of more than $3 bn in 2021.

 

 

 

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