REG - Fusion Antibodies - HMRC R&D tax credit

Fusion AntibodiesAnnouncement

01/02/2024 07:00

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RNS Number : 5965B  Fusion Antibodies PLC  01 February 2024

01 February 2024

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

HMRC R&D tax credit

 

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications, announces the receipt of an R&D tax credit from HMRC in
respect of the financial year ended 31 March 2023, relating to work performed
on the development and optimization of the OptiMAL® platform, as well as
other R&D projects in bioinformatics, antigen design and cell culture. The
value of the tax credit is in line with expectations at almost £280k, which
reflects the Company's continued investment in R&D projects that maintain
Fusion at the forefront of technology in the antibody market. The technologies
have been well received by partners and potential partners with the OptiMAL®
platform notably undergoing validation through an agreement with the National
Cancer Institute in the USA. Fusion will maximise the impact of the tax credit
with the generation of revenue streams from the R&D projects that were
supported.

 

Adrian Kinkaid, CEO of Fusion, said: "The R&D tax credit system is of
enormous benefit to companies developing cutting edge technologies such as we
continue to do at Fusion. We are now beginning to reap the benefits of the
resultant technology platforms with an elevated profile in our field and
anticipate considerable commercial growth to be generated from them in the
coming years."

 

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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