Fusion Antibodies PLC Ongoing discussions with MAB Discovery (0229S)
June 20 2018 - 8:06AM
UK Regulatory
TIDMFAB
RNS Number : 0229S
Fusion Antibodies PLC
20 June 2018
20 June 2018
Fusion Antibodies plc
("Fusion" or the "Company")
Ongoing discussions with MAB Discovery for revised collaboration
agreement
Advance notice of termination of existing agreement in-line with
discussions
Fusion Antibodies plc (AIM: FAB), a contract research
organisation providing a range of antibody engineering services for
the development of antibodies for both therapeutic drug and
diagnostic applications, provides an update on the Company's
collaboration agreement (the "Collaboration Agreement") with MAB
Discovery GmBH ("MAB").
The existing Collaboration Agreement was agreed in June 2016 and
sets out the terms on which Fusion undertakes high throughput
humanization of antibodies being developed by MAB, utilising the
Company's CDRx(TM) platform. In recent months the Company and MAB
have been in discussions intended to lead to a revised
collaboration agreement which would provide greater clarity around
the nature of services that Fusion is to provide MAB.
The discussions are continuing in good faith. However, as the
existing Collaboration Agreement is only terminable annually on 31
December each year, providing not less than six months' notice, MAB
has today provided notice of termination of the existing
Collaboration Agreement, with effect from 31 December 2018.
The Board remain optimistic that there will be an ongoing
relationship between Fusion and MAB, however, there can be no
guarantee that the Company and MAB will enter into a replacement
agreement.
Paul Kerr, CEO of Fusion Antibodies commented: "Fusion has
strengthened its expertise in humanisation of rabbit antibodies
through its collaboration with MAB Discovery. Working together, we
have greatly reduced development times for highly specific,
CMC-ready antibodies. We believe that there is potential for future
revenues from our collaboration to date."
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Dr Paul Kerr, Chief Executive Officer Via Walbrook PR
James Fair, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328 5656
Virginia Bull / James Reeve / Asha Chotai
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Helen Cresswell Mob: +44 (0)7841 917 679
Lianne Cawthorne Mob: +44 (0)7584 391 303
About Fusion Antibodies plc
Fusion is a Belfast based, revenue generating and profitable
contract research organisation ("CRO") providing a range of
antibody engineering services for the development of antibodies for
both therapeutic drug and diagnostic applications.
The Company's ordinary shares were admitted to trading on AIM on
18 December 2017. Fusion provides a broad range of services in
antibody generation, development, production, characterisation and
optimisation. These services include antigen expression, antibody
production, purification and sequencing, antibody humanisation
using Fusion's proprietary CDRx(TM) platform and the production of
antibody generating stable cell lines to provide material for use
in clinical trials. Since 2012, the Company has successfully
sequenced over 250 antibodies and successfully completed over 100
humanisation projects for its international, blue-chip client base,
which includes eight of the top 10 global pharmaceutical companies
by revenue.
The Company was established in 2001 as a spin out from Queen's
University Belfast. It was initially a drug development business
but revised its operations to focus on CRO work in 2011. The
Company has a highly experienced management team with a combined 47
years' experience in the biopharma industry.
The global monoclonal antibody therapeutics market, which
accounted for 43 per cent. of the global biologics market in 2016,
was valued at between $85.4 billion and $86.7 billion in 2015 and
is forecast to increase at a CAGR of between 8.2 per cent. and 12.2
per cent. for the period 2016 to 2024.
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END
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