Performance reflects Stability during Demanding Year

Announcing results for the year ended 31 March 2021, Belfast-based Fusion Antibodies, providers of solutions for the drug and diagnostics markets, were optimistic about the progress of their platform approach for antibodies optimisation. With an increase of 7% in revenues to £4.2million compared to £3.9million a year ago, the company also achieved a 57% rise in investment for research and development compared to 2020. Loss over the 12 months was £2.9 million (2020 £0.7million); while the company claimed a deferred tax asset of £1.8m derecognised, tax losses of £9.0m also remained available to offset future profits. The company also received £3.0 million from a successful equity fundraising.

Other highlights included the commercial roll-out and revenues from its Rational Affinity Maturation Platform (RAMP) built around consideration of manufacturing, stability or immunogenicity, along with increased antibody binding rates.  The company has also been boosted by the first successful milestone payment (post-period) of £150,000 from a key client.

Chief Executive Officer Richard Jones, said: “We are pleased with our performance in what has been a challenging year for everyone. We have made significant progress with sustained revenue growth, progress on the R&D pipeline, and continue to expand our range of services.

A live presentation was set for Monday 23rd August (11.00 am)

Further information online