Fusion Antibodies PLC Trading update (5211K)
May 06 2022 - 2:00AM
UK Regulatory
TIDMFAB
RNS Number : 5211K
Fusion Antibodies PLC
06 May 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse (amendment) (EU Exit) Regulations 2019/310
("MAR"). With the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Fusion Antibodies plc
("Fusion" or the "Company")
6 May 2022
Trading update
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical
antibody discovery, engineering and supply for both therapeutic
drug and diagnostic applications, provides an unaudited trading
update for the year ended 31 March 2022 ("FY2022").
Financial Highlights (subject to audit)
-- 14% growth in revenues to GBP4.8m (FY2021: GBP4.2m)
-- Cash position as at 31 March 2022 of GBP2.0m (31 March 2021: GBP2.7m)
Revenue growth was achieved in both H1 and H2 of FY2022 compared
to the comparable periods in the previous financial year, with an
unaudited revenue of GBP4.8m, representing a 14% increase on
FY2021. Revenues have grown in all geographical regions and
Transient Expression has delivered the highest performance of all
our service areas. The Company continued to meet the challenges
presented as a result of the COVID-19 pandemic, which affected the
whole financial period, and to trade throughout the periods of
national governmental restrictions.
The number of customer enquiries being received for all of the
Company's services remains strong, and in H2 of FY2022 the Company
strengthened its commercial team with a view to future success.
The cash balance at the year-end was GBP2.0m and the Directors
believe that this is sufficient for meeting the Company's current
requirements. The Directors further believe that the above results
provide a good platform for continued growth in financial
performance.
Simon Douglas, Chairman of Fusion, commented: "We are pleased to
have achieved revenue growth in line with expectations in what has
been another challenging year globally due to the pandemic. I am
delighted that the value of our client work is being demonstrated
by the successes of our clients in reaching development milestones.
All our staff members have worked diligently throughout the year
and I would like to thank them all for their valuable contribution.
The ongoing recruitment of a new CEO is progressing as planned, and
we look forward to a year with more opportunities to visit clients
and attend conferences as the restrictions relax. I am confident we
will have a good year ahead."
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Simon Douglas, Chairman Via Walbrook PR
James Fair, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328
5656
James Reeve/Vivek Bhardwaj (Corporate
Finance)
Tony Quirke (Sales and Corporate Broking)
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
About Fusion Antibodies plc
Fusion is a Belfast-based Collaborative Research Organisation
("CRO") company, listed on AIM, providing a range of antibody
engineering services for the development of antibodies for both
therapeutic drug and diagnostic applications.
Fusion provides a broad range of services in antibody
generation, development, characterisation, optimisation, and
small-scale production. These services include antigen expression,
purification and sequencing, antibody humanisation using Fusion's
proprietary CDRxTM platform and cell line development, producing
antibody generating stable cell lines optimised for use downstream
by the customer to produce material for clinical trials. Since
2012, the Company has successfully sequenced and expressed over 250
antibodies and successfully completed over 200 humanisation
projects for its international customer base, which has included
eight of the top 10 global pharmaceutical companies by revenue.
At every stage, our client's vision is central to how we work in
combining the latest technological advances with cutting edge
science. In this work our world-class humanization and antibody
optimization platforms harness the power of natural somatic
hypermutation (SHM) to ensure the best molecule goes to the clinic.
Fusion Antibodies' growth strategy is based on enabling Pharma and
Biotech companies get to the clinic more effectively, using
molecules with optimized therapeutic profile and enhanced potential
for successful development and approval and, ultimately, on
speeding up the drug discovery and development process. Fusion's
use of SHM to create a fully human antibody library to capture the
human antibody repertoire will address a continuing market need in
antibody discovery,
Fusion Antibodies' emphasis on antibody therapeutics is based on
the size and growth rate in the sector, with the market valued at
$135.4 billion in 2018 and forecast to surpass $300 billion by
2025, a CAGR of 14.26%. As of May 2021, there were 100 approved
antibody therapies on the market and more than 570 antibody
therapies in clinical development.
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