20 June 2018
Advance notice of termination of existing agreement in-line with discussions
Fusion Antibodies plc (AIM: FAB), a contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications, provides an update on the Company's collaboration agreement (the "Collaboration Agreement") with MAB Discovery GmBH ("MAB").
The existing Collaboration Agreement was agreed in June 2016 and sets out the terms on which Fusion undertakes high throughput humanization of antibodies being developed by MAB, utilising the Company's CDRx™ platform. In recent months the Company and MAB have been in discussions intended to lead to a revised collaboration agreement which would provide greater clarity around the nature of services that Fusion is to provide MAB.
The discussions are continuing in good faith. However, as the existing Collaboration Agreement is only terminable annually on 31 December each year, providing not less than six months' notice, MAB has today provided notice of termination of the existing Collaboration Agreement, with effect from 31 December 2018.
The Board remain optimistic that there will be an ongoing relationship between Fusion and MAB, however, there can be no guarantee that the Company and MAB will enter into a replacement agreement.
Paul Kerr, CEO of Fusion Antibodies commented: "Fusion has strengthened its expertise in humanisation of rabbit antibodies through its collaboration with MAB Discovery. Working together, we have greatly reduced development times for highly specific, CMC-ready antibodies. We believe that there is potential for future revenues from our collaboration to date."
|Fusion Antibodies plc||www.fusionantibodies.com|
|Dr Paul Kerr, Chief Executive Officer||Via Walbrook PR|
|James Fair, Chief Financial Officer|
|Allenby Capital Limited||Tel: +44 (0)20 3328 5656|
|Virginia Bull / James Reeve / Asha Chotai|
|Walbrook PR||Tel: +44 (0)20 7933 8780 or firstname.lastname@example.org|
|Helen Cresswell||Mob: +44 (0)7841 917 679|
|Lianne Cawthorne||Mob: +44 (0)7584 391 303|
About Fusion Antibodies plc
Fusion is a Belfast based, revenue generating and profitable contract research organisation ("CRO") providing a range of antibody engineering services for the 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 generation, development, production, characterisation and optimisation. These services include antigen expression, antibody production, purification and sequencing, antibody humanisation using Fusion's proprietary CDRx™ 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 over 250 antibodies and successfully completed over 100 humanisation projects for its international, blue-chip client base, which includes 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. It was initially a drug development business but revised its operations to focus on CRO work in 2011. The Company has a highly experienced management team with a combined 47 years' experience in the biopharma industry.
The global monoclonal antibody therapeutics market, which accounted for 43 per cent. of the global biologics market in 2016, was valued at between $85.4 billion and $86.7 billion in 2015 and is forecast to increase at a CAGR of between 8.2 per cent. and 12.2 per cent. for the period 2016 to 2024.