First purchase order under MSA
27 February 2024
Order with leading
diagnostics company under master services agreement
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody
discovery, engineering and supply for both therapeutic drug and
diagnostic applications, announces it has received a first purchase
order under the master services agreement ("MSA") with a leading
diagnostics company (the “Client”), details of which were announced on
14 February 2024.
In line with the Company's stated strategy to target its services into
adjacent markets, and in particular into the diagnostics sector, the
Company announced that it had negotiated and signed the MSA with a
leading global provider of diagnostics. The MSA covers a range of Client
needs that can be met through Fusion’s service offerings. The first
purchase order, valued at c. £60,000, has been received for an initial
project to generate antibodies specifically for the Client’s use in
diagnostic products. It is anticipated that further purchase orders will
follow for additional and recurring projects. The Company anticipates
that, given the nature of the work being undertaken, the majority of the
revenue under the initial purchase order will be recognised in the next
financial year, commencing 1 April 2024.
Adrian Kinkaid, CEO of Fusion, said: “Reaching this agreement with a world class diagnostics provider positively reinforces the value to the wider commercial world of Fusion Antibodies’ technologies and capabilities. In this case it is the generation of antibodies in diagnostics products. We look forward to establishing a long-term relationship with our new partner and providing them with assistance to generate better antibodies which are more manufacturable and can be rapidly deployed in clinical diagnostic products for the benefit patient well-being across the globe.”
Enquiries:
| Fusion Antibodies plc | www.fusionantibodies.com | |
| Adrian Kinkaid, Chief Executive
Officer Stephen Smyth, Chief Financial Officer |
Via Walbrook PR | |
| Allenby Capital Limited | Tel: +44 (0)20 3328 5656 | |
| James Reeve/Vivek Bhardwaj (Corporate
Finance) Tony Quirke (Sales and Corporate Broking) |
||
| Shard Capital Partners LLP | Tel: +44 (0)207 186 9952 | |
| Damon Heath (Joint Broker) | ||
| 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.
