REG - Fusion Antibodies - AGM statement and trading update

Fusion AntibodiesAnnouncement

08/10/2024 07:00

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RNS Number : 2408H  Fusion Antibodies PLC  08 October 2024

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse (amendment)
(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.

 

8 October 2024

 

Fusion Antibodies plc

("Fusion" or the "Company")

 

AGM statement

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 OptiPhage(TM) 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                                Via Walbrook PR

 Stephen Smyth, Chief Financial Officer

 Fusion Antibodies interactive investor hub                             https://investorhub.fusionantibodies.com/
                                                                        (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.

 

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