Fusion Antibodies PLC Trading update (9521H)
30 Marzo 2020 - 8:00AM
UK Regulatory
TIDMFAB
RNS Number : 9521H
Fusion Antibodies PLC
30 March 2020
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Article 7 under the Market Abuse
Regulations (EU) No. 596/2014 ("MAR"). With the publication of this
announcement, this information is now considered to be in the
public domain.
Fusion Antibodies plc
("Fusion" or the "Company")
Trading update
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical
antibody discovery, engineering and supply for both therapeutic
drug and diagnostic applications, provides an update on current
trading.
As the Company approaches the end of its financial year ending
31 March 2020, it is able to report very limited impact on the
trading performance of the Company as a result of the COVID-19
pandemic. The Company remains fully operational and is conducting
vital business, as usual, for its custom ers .
Following UK Government advice, all staff that can work at home
are doing so and connectivity for those employees is successfully
replacing face to face contact, with all being provided with remote
access to key applications. These actions have provided a safer
environment for the Company's laboratory-based scientists, who have
continued to support our clients through antibody discovery,
engineering and supply.
Fusion's clients include some of the leading developers of
therapeutic drugs and diagnostics, a number of whom are working on
solutions relating to COVID-19. The Company has been engaged and
received further expressions of interest regarding its services for
a number of projects in this therapeutic area and is well placed to
support its clients in this vital work.
Notwithstanding the current COVID-19 pandemic and resulting
Government restrictions, trading for the full year to March 2020
has remained in line with those expectations stated in the
Company's trading update on 29 January 2020.
The Company expects to provide a more detailed trading update in
April post the financial year end.
Paul Kerr, Fusion's Chief Executive Officer, said: " At the
current time, the pharmaceutical industry has a vital role to play
in overcoming the Covid-19 pandemic and Fusion's clients are
heavily involved in this work. We are well placed to support our
clients in this vital work and believe that our services and
products can help accelerate the finding of the solution."
Enquiries:
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
James Reeve / Asha Chotai
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741 001
Paul McManus Mob: +44 (0)7980 541 893
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 150 humanisation projects for its 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 Biotechs 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
$95.5 billion in 2017 and is forecast to surpass $174.2 billion in
2026, an increase at a CAGR of between 6.9 per cent. for the period
2018 to 2026. In 2018, seven of the world's ten top selling drugs
were antibody-based therapeutics with the combined annual sales of
these drugs exceeding $62 billion.
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END
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