Fusion Antibodies PLC Half year trading update (6162Q)
22 Octubre 2019 - 1:00AM
UK Regulatory
TIDMFAB
RNS Number : 6162Q
Fusion Antibodies PLC
22 October 2019
Fusion Antibodies plc
("Fusion" or the "Company")
Half year trading update
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical
antibody discovery, engineering and supply for both therapeutic
drug and diagnostic applications, provides a business and unaudited
trading update for the six months ended 30 September 2019 ("H1
FY2020"), confirming continued revenue growth and the commercial
roll out of new services.
Operational highlights
-- Increase in orders and revenues in H1 FY2020 over H2 FY2019
-- First commercial projects for customers of the new Rational
Affinity Maturation Platform ("RAMP(TM) ") service
-- Continuing development of Mammalian Antibody Library for delivery in 2020
Financial highlights
-- Continued improvement in revenues for H1 FY2020 of GBP1.7m
(H1 FY2019: GBP0.7m; H2 FY2019: GBP1.5m)
-- Trading for the year ending 31 March 2020 to date has been in line with market expectations
-- Additional results-dependent customer milestones agreed
-- Cash position at 30 September 2019 was GBP1.3m (31 March 2019: GBP2.0m)
Business update
The growth in revenues and orders seen in H2 FY2019 continued in
H1 FY2020 with unaudited revenues of GBP1.7m, resulting in the
Company's strongest six month period to date.
This continued improvement includes the first commercial
revenues from RAMP(TM) , augmented by the expansion of the
laboratory capacity and increased business development and
marketing efforts as previously announced.
RAMP(TM) is the innovative service designed to provide customers
with improvements to antibody affinity and reduce of other unwanted
characteristics. This service is available either as part of the
suite of Fusion services or as a stand-alone service to companies
with existing antibodies with sub-optimal performance. In the
period we received our first revenues from early adopters of
RAMP(TM) . Initial results from these customers are very promising
and the full commercial roll out of the service will continue
throughout the remainder of the year, with presentations at
scientific conferences and targeted marketing.
The Company is able to fulfil the majority of orders received
with a short turnaround which reduces the visibility of future
earnings. However, the Directors continue to be confident that
growth in order levels for existing and new services will
continue.
The Company principally charges for its services on a fee for
service basis and in certain cases has an additional royalty or
results-dependent milestone based on progress of the customer's
project into clinical trials or commercialisation. The Company has
continued to add to its portfolio of milestones in H1 FY2020. The
Company has not recognised any such revenues from the portfolio in
H1 FY2020 and does not factor in these potential milestone revenues
in its growth expectations, due to the reliance on customers to
progress projects to the point where such revenues are triggered
and therefore the uncertainty over the potential timings or
realization of any such revenues.
Investor presentation at ShareSoc
The Company will be presenting at a ShareSoc meeting in London
on Wednesday 13 November 2019. If you wish to attend, please
register at https://www.sharesoc.org/events/
Paul Kerr, CEO of Fusion Antibodies plc, commented: We continued
to see good revenue growth during this first six months and have
had a strong improvement in the previous six months. We are
continuing the rollout of RAMP(TM) , which has been well received,
and are on track to deliver our Mammalian Antibody Library in 2020
as planned. We remain confident of an encouraging second half and
that the Company will achieve significant revenue growth for the
full year. I would like to thank our shareholders for their valued
support and I look forward to updating the market further when we
announce our interim results later in the year."
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Dr Paul Kerr, Chief Executive Officer Via Walbrook PR
James Fair, Chief Financial Officer
Allenby Capital Limited Tel: +44 (0)20 3328 5656
James Reeve / Asha Chotai
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 150 humanisation projects for its 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 Biotechs get to the
clinic faster and ultimately speed up the drug development
process.
The global monoclonal antibody therapeutics market was valued at
$95.5 billion in 2017 and is forecast to surpass $174.2 billion in
2026, an increase at a CAGR of between 6.9 per cent. for the period
2018 to 2026. In 2018, seven of the world's ten top selling drugs
were antibody-based therapeutics with the combined annual sales of
these drugs exceeding $62 billion.
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END
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