Result of Retail Offer and Notice of GM-FUSION ANTIBODIES PLC

Result of Retail Offer and Notice of GM-FUSION ANTIBODIES PLC

Notice of General Meeting

Fusion Antibodies plc (AIM: FAB) announces that further to the Company's announcements made on 19 May 2023, the Company has conditionally raised gross proceeds of £113,351.10 pursuant to the Retail Offer on the REX Platform, alongside the previously announced Placing and Subscription. As a result, the Company has conditionally raised a total of £1,671,938.40 pursuant to the Placing, Subscription and Retail Offer (together, the "Fundraise").

The Retail Offer will result in the issue of a total of 2,267,022 Retail Offer Shares. In total, 33,438,768 new Ordinary Shares will be issued pursuant to the Fundraise.

Completion of the Retail Offer, the Second Placing and the Subscription are conditional on the passing of the Resolutions at a general meeting of the Company (the "General Meeting"), as well as admission of the Retail Offer Shares, the shares to be issued pursuant to the Second Placing and the Subscription Shares to trading on AIM ("Admission"). Assuming the Resolutions are passed at the General Meeting, Admission is expected to take place at 8.00 a.m. on 12 June 2023. Completion of the Retail Offer is conditional, inter alia, upon the completion of the Placing.  

Posting of Circular and notice of General Meeting

The Company will shortly be posting a Circular containing a notice of General Meeting, which is to be held at the offices of Fusion Antibodies at 1 Springbank Road, Springbank Industrial Estate, Dunmurry, Belfast BT17 0QL at 10.00 a.m. on 8 June 2023. A copy of the Circular will also be available on the Company's website at www.fusionantibodies.com.

Adrian Kinkaid, CEO of Fusion, commented:

"We are pleased to say that we have been able to raise funds in an extremely challenging market and this, combined with the cost saving measures that we will be implementing, will provide us with the necessary capital we need to progress the business. As a Company we value all our shareholders, so we are pleased to have been able to include a retail offer in this fundraise and are grateful for their ongoing support.

"We are working in a difficult environment for all growth companies at the moment and we fully appreciate the support of our investors, both existing and new. We expect trading to recover incrementally over the short to medium term as we look to progress the launch of the Integrated Therapeutic Antibody Service, and we look forward to updating our shareholders as we go forward with this and our other services."

Terms used but not defined in this announcement have the same meaning as set out in the Company's announcement released at 10:00 on 19 May 2023.

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