Corporate News & RNS
Admission to trading on AIM and First Day of Dealings
18 December 2017
Fusion Antibodies (AIM: FAB), a contract research organisation ("CRO") providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications, announces the admission of its ordinary shares ("Ordinary Shares") to trading on AIM ("Admission") today, 18 December 2017. Dealings in the Ordinary shares will commence under the ticker "FAB" and ISIN GB00BDQZGK16.
The Company's Admission Document is available from www.fusionantibodies.com.
The Company has successfully raised £5.5 million (before expenses) through a placing of new Ordinary Shares, to fund the expansion of its existing laboratory space, increase its sales and marketing efforts, for the development of the new service lines, as well as providing additional working capital. In addition, £1.1 million has been raised for selling shareholders.
- £5.5 million raised by the conditional placing of 6,707,317 new Ordinary Shares at a placing price of 82p
- The new Ordinary Shares represent c. 30.4 per cent. of the enlarged share capital on Admission
- Selling shareholders have sold 1,310,976 existing Ordinary Shares as part of the placing
- Enlarged share capital on Admission of 22,091,192 Ordinary Shares
- £18.1 million market capitalisation on Admission at the placing price
- Allenby Capital Limited is Nominated Adviser and Broker
About Fusion Antibodies plc
Fusion is a Belfast based, revenue generating and profitable CRO providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications. The Company 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 CDRxTM 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 over 250 antibodies and successfully completed over 100 humanisation projects for its international, blue-chip client base, which includes 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. It was initially a drug development business but revised its operations to focus on CRO work in 2011. The Company has recorded profits for the last two financial years, with annual sales of £1.9 million during the year ended 31 March 2017, and had an order book of £1.3 million as at 30 September 2017. In the six months to 30 September 2017, the Company recorded a turnover of £1.4 million. The Company has a highly experienced management team with a combined 47 years' experience in the biopharma industry.
The global monoclonal antibody therapeutics market, which accounted for 43 per cent. of the global biologics market in 2016, was valued at between $85.4 billion and $86.7 billion in 2015 and is forecast to increase at a CAGR of between 8.2 per cent. and 12.2 per cent. for the period 2016 to 2024.
The Company's growth strategy is based on the expansion of its client base as well as the addition of new services including antibody affinity maturation and development of a mammalian antibody library. This strategy uses the Company's proven technology and expertise and targets expansion both in the UK market and internationally.
Use of funds
The net proceeds of the Placing receivable by the Company (totalling c. £4.75 million) will be used to expand the Company's existing laboratory space, increase its sales and marketing efforts, for development of the new service lines, as well as providing additional working capital. The Company intends to expand its current laboratory space, as it expects it will reach capacity in certain areas by March 2018. The Company has secured additional space in the building on its existing site, which will enable it to more than double its facility. The Company intends to complete the fit out of the new laboratory by the end of 2018.
Dr Paul Kerr, CEO of Fusion, commented: "We are very pleased with the level of interest generated from new institutional investors in support of our admission to trading on AIM. We have established Fusion as a multi-service CRO for antibody engineering & humanisation, and cell line development for the world's largest developers of antibody-based therapeutics drugs and diagnostics companies. The move to AIM and the additional funding will allow us to continue this growth trajectory by expanding our capacity and developing our offering of new, high value, market differentiating products."
|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|
|Virginia Bull / James Reeve / Asha Chotai|
|Walbrook PR||Tel: +44 (0)20 7933 8780 or email@example.com|
|Paul McManus||Mob: +44 (0)7980 541 893|
|Anna Dunphy||Mob: +44 (0)7876 741 001|