New contract win
07 October 2021
US $1.83 million research
and development project using RAMPTM 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 affinity maturation
platform, RAMPTM. 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 RAMPTM platform, highlighting that this technology continues to gain traction in the marketplace.”
Enquiries:
| Fusion Antibodies plc | www.fusionantibodies.com | |
| Richard Jones, Chief Executive Officer James Fair, Chief Financial Officer |
Via Walbrook PR | |
| 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 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.
