REG - Fusion Antibodies - Trading update

Fusion AntibodiesAnnouncement

06/05/2022 07:00

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RNS Number : 5211K  Fusion Antibodies PLC  06 May 2022

The information contained within this announcement is deemed by the Company to
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(EU Exit) Regulations 2019/310 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

Fusion Antibodies plc

("Fusion" or the "Company")

 6 May 2022

Trading update

 

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and diagnostic
applications, provides an unaudited trading update for the year ended 31 March
2022 ("FY2022").

 

Financial Highlights (subject to audit)

 

·    14% growth in revenues to £4.8m (FY2021: £4.2m)

·    Cash position as at 31 March 2022 of £2.0m (31 March 2021: £2.7m)

 

Revenue growth was achieved in both H1 and H2 of FY2022 compared to the
comparable periods in the previous financial year, with an unaudited revenue
of £4.8m, representing a 14% increase on FY2021. Revenues have grown in all
geographical regions and Transient Expression has delivered the highest
performance of all our service areas.  The Company continued to meet the
challenges presented as a result of the COVID-19 pandemic, which affected the
whole financial period, and to trade throughout the periods of national
governmental restrictions.

 

The number of customer enquiries being received for all of the Company's
services remains strong, and in H2 of FY2022 the Company strengthened its
commercial team with a view to future success.

 

The cash balance at the year-end was £2.0m and the Directors believe that
this is sufficient for meeting the Company's current requirements. The
Directors further believe that the above results provide a good platform for
continued growth in financial performance.

 

Simon Douglas, Chairman of Fusion, commented: "We are pleased to have achieved
revenue growth in line with expectations in what has been another challenging
year globally due to the pandemic. I am delighted that the value of our client
work is being demonstrated by the successes of our clients in reaching
development milestones. All our staff members have worked diligently
throughout the year and I would like to thank them all for their valuable
contribution. The ongoing recruitment of a new CEO is progressing as planned,
and we look forward to a year with more opportunities to visit clients and
attend conferences as the restrictions relax. I am confident we will have a
good year ahead."

 

Enquiries:

 

 Fusion Antibodies plc                                 www.fusionantibodies.com
 Simon Douglas, Chairman                               Via Walbrook PR

 James Fair, 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
 Paul McManus                                          Mob: +44 (0)7980 541 893

 

About Fusion Antibodies plc

Fusion is a Belfast-based Collaborative Research Organisation ("CRO") company,
listed on AIM, providing a range of antibody engineering services for the
development of antibodies for both therapeutic drug and diagnostic
applications.

 

Fusion provides a broad range of services in antibody generation, development,
characterisation, optimisation, and small-scale production. These services
include antigen expression, purification and sequencing, antibody humanisation
using Fusion's proprietary CDRxTM platform and cell line development,
producing antibody generating stable cell lines optimised for use downstream
by the customer to produce material for clinical trials. Since 2012, the
Company has successfully sequenced and expressed over 250 antibodies and
successfully completed over 200 humanisation projects for its international
customer base, which has included eight of the top 10 global pharmaceutical
companies by revenue.

 

At every stage, our client's vision is central to how we work in combining the
latest technological advances with cutting edge science. In this work our
world-class humanization and antibody optimization platforms harness the power
of natural somatic hypermutation (SHM) to ensure the best molecule goes to the
clinic. Fusion Antibodies' growth strategy is based on enabling Pharma and
Biotech companies get to the clinic more effectively, using molecules with
optimized therapeutic profile and enhanced potential for successful
development and approval and, ultimately, on speeding up the drug discovery
and development process. Fusion's use of SHM to create a fully human antibody
library to capture the human antibody repertoire will address a continuing
market need in antibody discovery,

 

Fusion Antibodies' emphasis on antibody therapeutics is based on the size and
growth rate in the sector, with the market valued at $135.4 billion in 2018
and forecast to surpass $300 billion by 2025, a CAGR of 14.26%. As of May
2021, there were 100 approved antibody therapies on the market and more than
570 antibody therapies in clinical development.

 

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