Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces its unaudited interim results for the six months ended 30 September 2020 ("H1 FY2021").
· 9% growth in revenues in H1 FY2021 over H1 FY2020
· COVID-19 programme introduced as part of the Mammalian Antibody Library development project
· Recruitment of a Director of Research & Development, and additional research scientist appointments
· Trading for the period has been in line with the Directors' expectations
· Continued improvement in revenues: H1 FY2021 revenues of £1.90 million (H1 FY2020: £1.75 million)
· R&D expenditure of £271,000, an increase of 50% on H1 FY2020
· Losses held at same level as same period last year: H1 FY2021 loss of £0.47 million (H1 FY2020: £0.47 million loss)
· £3.0 million (gross proceeds) raised via placing of new ordinary shares
· Cash position at 30 September 2020 was £3.24 million (31 March 2020: £1.54 million)
Commenting on the interim results, Paul Kerr, CEO of Fusion Antibodies plc, said: "I'm pleased to report that our revenues have grown despite the fact that the period has been dominated by the COVID-19 pandemic. We have expanded our R&D programme to include a COVID-19 target along with our oncology targets, with the goal of using our Mammalian Antibody Library, which will be branded as "OptiMAL™", to produce neutralising antibodies against the virus, and have raised capital for that purpose. We have remained operational throughout changing levels of government restrictions and have taken the steps to sustain the business in the coming months. I would like to thank our shareholders and staff for all their valued support to enable us to continue to grow in these challenging times."