'Positive momentum' builds at Belfast's Fusion Antibodies
In September the AIM-listed Fusion Antibodies said it had been a ‘largely challenging’ financial year having reported revenues of £1.1million for the year to March 31 2024, down from £2.9m in 2023
Northern Ireland biotechnology company Fusion Antibodies has reported "positive momentum" in the first half of its financial year.
The Queen's University Belfast spin-out based in Dunmurry was commenting on trading for the first half of the current financial year ending 31 March 2025, ahead of its AGM.
In the update chairman Simon Douglas said unaudited revenues for the period are expected to be about £1.2m, up from £541,00 in the equivalent period last year and up from the £1.14m recorded in FY24.
Unaudited gross margin for the period was 29%, compared to -16% in the first half of the prior year.
Cash as at 30 September 2024 was £464,000 and is tracking in line with management's expectations.
During the period, Fusion Antibodies expanded its collaboration agreement with the National Cancer Institute (NCI) to include the humanisation by Fusion of several of the NCI's existing camelid nanobodies.
A new contract was secured to develop an antibody based therapeutic with a US based biotechnology company and the The Queen's University Belfast spin-out entered into a contract to develop a bespoke OptiPhage library.
Fusion Antibodies added that it has a cash runway into the second half of FY26.
Back in September the AIM-listed Fusion Antibodies reported it had been a ‘largely challenging’ financial year having reported revenues of £1.1million for the year to March 31 2024, down from £2.9m in 2023.