Fusion Antibodies PLC Trading Statement (9288Q)
February 25 2019 - 2:00AM
UK Regulatory
TIDMFAB
RNS Number : 9288Q
Fusion Antibodies PLC
25 February 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
25 February 2019
Fusion Antibodies plc
("Fusion" or the "Company")
Trading update
Fusion Antibodies plc (AIM: FAB), a pharmaceutical contract
research organisation specialising in antibody engineering
services, provides an update on the Company's trading and progress
to date in the current financial year ending 31 March 2019 ("FY
2019").
Whilst trading in the second half of the financial year to date
has significantly improved on H1, due to the uncertain timing of
closure of a number of potential substantial orders revenues for
the full year are now expected to be materially below current
market expectations but not less than GBP2.1 million. The Company
will provide a further update on FY 2019 trading post the period
end.
After a challenging first six months and disappointing revenues
in H1 FY 2019, order levels picked up significantly from October
2018 onwards such that revenues in H2 FY 2019 are expected to
exceed all previous six-month periods. Total orders received in H2
FY 2019 to date have exceeded GBP1.9 million (H1 2019: GBP1.2m, H2
2018: GBP0.8 million) with more in the pipeline. In excess of
GBP1.1 million of these orders will not be fulfilled and therefore
recognised until the next financial year. The Company remains in a
strong cash position, with net cash in excess of GBP2.0 million.
This figure is not expected to materially change prior to the year
end.
In December 2018, the Company announced the launch of its new
Rational Affinity Maturation Platform (RAMP(TM) ) and has continued
to develop and market this service with favourable results. The
Company has received one initial order and is in late discussions
with several potential customers for this service. The Directors
are confident that, as development of the platform continues, more
data will become available which will help to differentiate this
novel approach from existing providers.
As previously announced, the Company has been expanding its
marketing and business development teams. The staff recruited early
in the financial year are progressing well and this has had a
positive effect on the Company's deal flow. In addition, the
Company is in the process of recruiting a further Business
Development Director in the field of Cell Line Development to
strengthen the team. Cell Line Development capacity was
significantly increased as part of the laboratory expansion,
completed in August 2018, and the Directors believe this service
will provide growth in coming periods. A Director of Marketing is
also being recruited who will be responsible for strategic
marketing planning, market research and identifying improved value
propositions which meet customer needs.
The Company has also appointed a new key scientist in the role
of Antibody Discovery to help to develop an enhanced offering in
this area in the laboratory and to contribute to the Company's
growth.
Paul Kerr, CEO of Fusion Antibodies commented: "Despite the
lower than anticipated revenues to date, I am encouraged that since
October 2018 we have seen significantly stronger order intake which
is likely to lead to record six-month orders and revenues. The
expansion of our facilities is complete and, together with the
expansion of our team, we are now able to meet the increasing
demand. I am also excited about the initial interest we are seeing
from potential customers in our new RAMP(TM) technology, which will
enable customers to improve the performance of many of their
antibody based drugs."
Enquires:
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
James Reeve / Asha Chotai
Walbrook PR Tel: +44 (0)20 7933 8780 or fusion@walbrookpr.com
Anna Dunphy Mob: +44 (0)7876 741 001
Paul McManus Mob: +44 (0)7980 541 893
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTLLFEDFFIFFIA
(END) Dow Jones Newswires
February 25, 2019 02:00 ET (07:00 GMT)
Fusion Antibodies (LSE:FAB)
Historical Stock Chart
From Apr 2024 to May 2024
Fusion Antibodies (LSE:FAB)
Historical Stock Chart
From May 2023 to May 2024