AGM statement
08 October 2024
Trading update showing
significant progress
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and
diagnostic applications, announces that at the Company’s AGM, being held
later today, Simon Douglas, Chairman, will provide the following update
on trading for the first half of the current financial year ending 31
March 2025 (“HY25”):
“I am pleased to update on the positive momentum the Company has
achieved through HY25, with unaudited revenues for the period
expected to be c. £1.2m (HY24: £541k, FY24: £1.14m). Unaudited gross
margin for the period was 29%, compared to -16% in the first half of
the prior year, showing significant progress against our targets.
Cash as at 30 September 2024 was £464k and is tracking in line with
management’s expectations.
“During the period, the Company expanded its collaboration agreement
with the National Cancer Institute (“NCI”) to include the
humanisation by Fusion of several of the NCI’s existing camelid
nanobodies. A new contract was secured to develop an antibody based
therapeutic with a US based biotechnology company and we entered
into a contract to develop a bespoke OptiPhageTM library.
In addition, we have strengthened our investor and stakeholder
engagement through launch of a new interactive investor hub at
investorhub.fusionantibodies.com.
“Cash continues to be carefully controlled and, as set out in the Company’s FY24 results announced on 5 September 2024, based on internal estimates the Company has a cash runway into the second half of FY26. The Company continues to seek to achieve cash neutrality during that timeframe and has no plans to raise cash through an equity placement. We remain on track and on plan with our strategic goals. The revised strategy has proven to be the correct one to ensure that Fusion is not only sustainable but also becomes the thriving business which it deserves to be.”
Enquiries:
| Fusion Antibodies plc | www.fusionantibodies.com | |
| Adrian Kinkaid, Chief Executive
Officer Stephen Smyth, Chief Financial Officer |
Via Walbrook PR | |
| Fusion Antibodies interactive investor hub | https://investorhub.fusionantibodies.com/ | |
| Allenby Capital Limited | Tel: +44 (0) 20 3328 5656 | |
| James Reeve/Vivek Bhardwaj (Corporate
Finance) Tony Quirke/Joscelin Pinnington (Sales and Corporate Broking) |
||
| Shard Capital Partners LLP | ||
| Damon Heath (Joint Broker) | Tel: +44 (0) 207 186 9952 | |
| 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 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 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 provides a broad range of services in antibody
generation, development, production, characterisation and
optimisation.
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.
