Fusion Antibodies plc Final results

Fusion Antibodies plc (AIM: FAB), a pharmaceutical contract research organisation specialising in antibody engineering services, announces its final results for the year ended 31 March 2019.

Highlights

• Significant increase in orders and revenues in H2 FY 2019
• Full year revenues fell by 19% to £2.2m due to weak H1
• £1.5m revenues in H2 FY 2019 was the Company’s strongest-ever 6 month period
• Loss for the year of £1.3m (2018: £0.7m)
• New Rational Affinity Maturation Platform (RAMP^TM) introduced in December 2018
• Capacity expansion completed
• Business development team expanded and strengthened
• Cash position at the year-end £2.0m (2018: £4.5m)

Post year end

• Commercial roll out of RAMP^TM
• New senior recruitment in business development and in marketing
• Mammalian antibody library on track for delivery in 2020

Paul Kerr, CEO of Fusion Antibodies commented: “We have had a strong improvement during the second half of the year which has been due to a significant increase in orders and revenues. This has been achieved by a mix of factors including addressing the external competitive pressures seen during H2 FY 2018 and H1 FY 2019 and expanding and improving the quality of the Company’s business development and marketing function. We are encouraged to see some good initial interest from potential customers in our new RAMP^TM technology which will enable customers to improve the performance of many of their antibody based drugs. We are excited about the next 12 months and are grateful to our shareholders for their continued support.”

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