Fusion Antibodies PLC Trading update (0480S)
06 Luglio 2020 - 8:00AM
UK Regulatory
TIDMFAB
RNS Number : 0480S
Fusion Antibodies PLC
06 July 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR").
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 the
Company's trading and operations over the past two months.
The Company has commenced its proof-of-concept work on the
Mammalian Antibody Library Discovery Platform (the "Library") and
hit its first milestone in the COVID-19 associated project, with
the synthesis of the antibody library DNA. The Company has also
made rapid progress on the design, expression and validation of the
COVID-19 antigens and now has sufficient quantities of two variants
to be used in the panning of the library for specific antibody
producing cells, which is the next phase of the Library development
programme. The multiple COVID-19 proteins generated are also being
made available to diagnostic companies for potential commercial
development. Furthermore, the Company has commenced the process for
recruiting additional scientists to undertake the proof-of-concept
work.
The Company has continued to service its clients throughout the
current environment. The introduction and subsequent relaxation of
restrictions in different regions around the world has presented
opportunities as well as challenges and, taking this into
consideration, enquiry and order rates have continued to be
satisfactory, with revenue for the quarter to June 2020 of
approximately GBP0.975 million. Further, subject to finalisation of
its audit, the Company now expects to report revenues for the year
to 31 March 2020 of c. GBP3.9 million, being a 79% increase on the
prior year (FY19: GBP2.2 million).
In order to broaden its reach internationally, the Company has
recently signed up two new distributors to market Fusion's services
to a wider audience. A-Frontier Co Ltd ("A-Frontier") has been
appointed as the Company's exclusive distributor in South Korea.
A-Frontier is a leading supplier in South Korea, distributing
diverse products & services, scientific equipment and related
consumables for experiments and research. This new partnership will
strengthen Fusion's presence in the Asia-Pacific region and build
upon existing collaborations in South Korea, Japan and China.
The Company has also appointed BioTickle Pty Ltd ("BioTickle")
as its exclusive distributor in India. BioTickle, a leading
bioprocess consulting company, will provide local biotherapeutic
developers access to Fusion's proprietary antibody discovery,
engineering and cell line development technologies.
Paul Kerr, CEO of Fusion Antibodies said: "We're pleased to have
been able to continue to service our clients during the ongoing
pandemic and our distributor agreements will broaden our reach in
two key markets. In addition, following the successful equity
fundraise in April, we have made excellent progress on the launch
of the proof-of-concept for the Mammalian Library and have
generated a panel of SARS-CoV-2 S antigens."
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 100 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 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
$135.4 billion in 2018 and is forecast to surpass $212.6 billion in
2022, an increase at a CAGR of 12.0 per cent. for the period 2018
to 2022. In 2017, seven of the world's ten top selling drugs were
antibody-based therapeutics with the combined annual sales of these
drugs exceeding $63.2 billion.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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