Fusion Antibodies plc Interim Report for the six months ended 30 September 2018

Fusion Antibodies plc (AIM: FAB), a pharmaceutical contract research organisation specialising in antibody engineering services, announces its unaudited interim results for the six months ended 30 September 2018.

Highlights

Operational

• Planned facilities and technical capacity expansion completed on time and within budget
• Affinity maturation service on schedule to launch in December 2018
• New contract signed with MAB Discovery GmbH (“MAB”)
• Orders and revenues in the six months to 30 September 2018 (“H1 2019”) below expectations, as previously announced
• Mammalian antibody library on track for delivery in 2020

Financial

• Revenues of £658k (H1 2018: £1,414k)
• Loss for the period of £742k (H1 2018: £166k)
• Cash and cash equivalents at 30 September 2018 of £2,802k (31 March 2018: £4,490k)

Post-period end

• Patent application covering affinity maturation filed in October 2018
• Strong recovery in order levels seen in October and November 2018

Commenting on the interim results, Paul Kerr, CEO of Fusion Antibodies plc, said: “As we have previously announced, the first six months of the current financial year have been challenging due to increasing competition and consequential pricing pressures. However, order levels have started to accelerate in October and November and I am cautiously optimistic that we have turned a corner. I am pleased that the laboratory capacity expansion was completed on time and within budget, in August 2018, and the launch of the Rational Affinity Maturation Platform (RAMP™) is on schedule for completion in December 2018. These important developments will reinforce our market-leading offering and enable us to resume growth of the business.”

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