REG - Fusion Antibodies - Update on restructure and cost savings

Fusion AntibodiesAnnouncement

14/08/2023 07:00

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RNS Number : 1449J  Fusion Antibodies PLC  14 August 2023

14 August 2023

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

Update on restructure and cost savings

 

Fusion Antibodies plc (AIM: FAB), a contract research organisation ("CRO")
providing discovery, design, and optimisation services for therapeutic
antibodies to the global healthcare market, announces an update on the
Company's cost savings and restructuring plans, details of which were
announced on 19 May 2023, at the time of the recent placing to raise
approximately £1.67 million (the "Placing").

 

The Company has undertaken and completed a restructuring process set out at
the time of the Placing to reduce annualised costs by approximately £2.2
million and is on track to realise all the intended savings outlined. The
Company continues to expend cash in a planned manner to grow the trading
aspects of the business including the development of new services stemming
from research and development projects.

 

As part of the cash saving measures, it is intended that certain directors of
the Company will be issued new ordinary shares in Fusion in settlement of a
portion of their salary.  Further announcements will be made in due course,
following the publication of the Company's annual report and accounts for the
year ended 31 March 2023.

 

Dr Adrian Kinkaid, CEO of Fusion, commented: "The recent restructuring, whilst
difficult for all those involved, was required to ensure the business had the
financial resources required to reach profitability. This is now the case, and
we continue to focus on delivering the plan."

 

Enquiries:

 

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

 

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 $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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