Fusion Antibodies PLC – Half-year Report

Fusion Antibodies PLC – Half-year Report

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 2019 (H1 FY2020).

 

Highlights

 

Operational

·     Increase in orders and revenues in H1 FY2020 over H1 FY2019

·     First commercial projects of the new Rational Affinity Maturation Platform (“RAMPTM“) service

·     Continuing development of Mammalian Antibody Library, on track for delivery in 2020

 

Financial

·     Continued improvement in revenues for H1 FY2020 of £1.75m (H1 FY2019: £0.66m)

·     Continued reduction in loss for H1 FY2020 of £0.47m (H1 FY2019: £0.74m loss)

·     Cash position at 30 September 2019 was £1.31m (31 March 2019: £1.98m)

·     Trading for the year ending 31 March 2020 to date has been in line with market expectations

 

Commenting on the interim results, Paul Kerr, CEO of Fusion Antibodies plc, said: “Our revenues are growing apace, and we have seen a solid improvement in the performance of the business for this period, compared to the previous six months. We have received our first commercialrevenues from early adopters of RAMPTM, and the feedback from the service has been very promising. We are on target to deliver significant revenue growth year on year and, as always, I would like to thank our shareholders and staff for all their valued support.”

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