Fusion Antibodies PLC – FAB – Final Results

Fusion Antibodies PLC – FAB – Final Results

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, is pleased to announce its final results for the year ended 31 March 2020.

 

Highlights

·    Full year revenues increased by 79% to £3.9m (2019: £2.2m)

·    Loss for the year of £0.7m (2019: loss £1.3m)

·    Commercial roll out and revenues from Rational Affinity Maturation Platform (RAMPTM)

·    Cash position at the year-end £1.5m (2019: £2.0m)

Post year end and looking ahead

·    £3.0m equity fundraise post year end

·    Covid-19 programme introduced as part of the Mammalian Antibody Library Development Plan to assist clients working towards solutions for Covid-19

·    Partnership with MAB Discovery continues with further development work being undertaken

·    Investment in laboratory automation equipment

Paul Kerr, CEO of Fusion Antibodies commented: “We have had a strong year with the increased revenue performance in H1 and H2 driven by the expansion of our existing services and newly introduced RAMPTM. The Company has also seen strong geographical growth in FY20 with the appointment of two new distributors in Asia as well carrying out a RAMPTM project for a large indigenous company in China. While Covid-19 has brought a lot of uncertainty for FY21, trading so far has been in line with expectations and the £3.0m fundraise in April has allowed Fusion to expand the existing proof-of-concept work on the Mammalian Antibody Library to include Covid-19 as a new target. We are positive about the next 12 months and are grateful to our shareholders for their continued support.”

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