Fusion Antibodies 1st Half Pretax Loss Widened, Revenue Rose

By Joe Hoppe

Fusion Antibodies PLC said Monday that its pretax loss widened for the first half of fiscal 2022 despite increased revenue, and it expects its full-year revenue to meet expectations.

The preclinical antibody discovery company posted a pretax loss for the six months ended Sept. 30 of 651,000 pounds ($861,664) compared with a loss of GBP572,000 for the same period a year earlier.

Revenue rose to GBP2.4 million from GBP1.9 million for the year-prior period, the company said.

Fusion said the positive first half, and in particular the securing of two major contracts and its remaining pipeline, give it confidence full-year revenue will meet expectations. However, the coronavirus pandemic and status of Brexit negotiations--particularly those related to Northern Ireland--continue to provide significant uncertainty. The company didn't provide any full-year guidance figures.

"We are delighted to report a strong all-round performance for the first half of the year with good revenue growth, major new contracts, collaboration agreements and increased investment into our research programs," Chief Executive Richard Jones said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

December 06, 2021 03:12 ET (08:12 GMT)

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