Fusion Antibodies PLC New contract win (2722O)
07 Octubre 2021 - 1:00AM
UK Regulatory
TIDMFAB
RNS Number : 2722O
Fusion Antibodies PLC
07 October 2021
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 ("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")
New contract win
US $1.83 million research and development project using RAMP(TM)
platform
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical
antibody discovery, engineering and supply for both therapeutic
drug and diagnostic applications, announces that it has signed a
collaborative research and development agreement (the "Agreement")
with a US based biotechnology company (the "Client") which has been
recently incorporated to focus on a number of innovative early
stage antibody discovery and development programmes. Pursuant to
the Agreement, Fusion will provide its discovery and engineering
services in relation to the research and development of several
pre-determined projects.
Based on the initial statement of work in the Agreement, Fusion
will receive a minimum of US$1.83 million of fees over the next two
years for the provision of its initial agreed scope of services,
which will utilise the Company's af finity maturation platform, RA
MP(TM) . Subject to the outcome of the works undertaken, there is a
framework for increased fee for service work within the Agreement.
The Client has made an initial cash payment of US$318,000 to Fusion
upon the signing of the Agreement with the remaining consideration
payable at pre-agreed intervals.
The Agreement is based on fixed deliverables and downstream
milestones for the work in addition to fees for service. Should a
product be successfully developed, registered and commercialised ,
the Company will be fully entitled to royalty payments based on a
percentage of sales figures of that product.
The Client, which is unable to be named for reasons of
commercial sensitivity, is a US biotechnology start-up company that
has been specifically incorporated to pursue the projects to which
the Company will be providing its services. The Client is
financially backed by a US based biotechnology investment company
which is active in life science investments.
Richard Jones, CEO of Fusion Antibodies, commented : "We are
delighted to have agreed this important new contract with a key
player in the biotech industry. The Agreement has a minimum
contract value of US$1.83 million which is very significant.
Furthermore, we are especially pleased that the project will take
place using our RAMP(TM) platform, highlighting that this
technology continues to gain traction in the marketplace."
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Richard Jones, Chief Executive Officer Via Walbrook PR
James Fair, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328
5656
James Reeve (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 contract research organisation ("CRO")
providing a range of antibody engineering services for the
development of antibodies for both therapeutic drug and diagnostic
applications.
The Company's ordinary shares were admitted to trading on AIM on
18 December 2017. Fusion provides a broad range of services in
antibody generation, development, production, characterisation and
optimisation. These services include antigen expression, antibody
production, purification and sequencing, antibody humanisation
using Fusion's proprietary CDRx (TM) platform and the production of
antibody generating stable cell lines to provide material for use
in clinical trials. Since 2012, the Company has successfully
sequenced and expressed over 250 antibodies and successfully
completed over 200 humanisation projects and has an international,
blue-chip client base, which has included eight of the top 10
global pharmaceutical companies by revenue.
The Company was established in 2001 as a spin out from Queen's
University Belfast. The Company's mission is to enable
pharmaceutical and diagnostic companies to develop innovative
products in a timely and cost-effective manner for the benefit of
the global healthcare industry. Fusion Antibodies provides a broad
range of services in antibody generation, development, production,
characterisation and optimisation.
Fusion Antibodies growth strategy is based on combining the
latest technological advances with cutting edge science to deliver
new platforms that will enable Pharma and Biotech companies get to
the clinic faster, with the optimal drug candidate and ultimately
speed up the drug development process.
The global monoclonal antibody therapeutics market was valued at
$135.4 billion in 2018 and is forecast to surpass $212.6 billion in
2022, an increase at a CAGR of 12.0 per cent. for the period 2018
to 2022. In 2017, seven of the world's ten top selling drugs were
antibody-based therapeutics with the combined annual sales of these
drugs exceeding $63.2 billion.
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