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Fusion Antibodies forecasts 80% jump in revenues to £3.9m

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Paul Kerr, Fusion Antibodies

Paul Kerr, Fusion Antibodies

Paul Kerr, Fusion Antibodies

Northern Ireland pharma research company Fusion Antibodies has said sales for the year to the end of March will hit nearly £4m - nearly 80% higher than the year before.

A trading update from the company, which is listed on London's Alternative Investment Market (AIM), said full year revenues will be £3.9m, up 79% from £2.2m a year earlier.

The business, which is based in Belfast, provides antibody engineering for the development of antibodies for therapeutic drugs and testing.

It has been carrying out research work into Covid-19 antigens - and confirmed that it's making proteins generated in the process available to diagnostic companies for potential commercial development.

The company said trading during the pandemic had been "satisfactory," with sales of £975,000 expected for the quarter to June.

"The company has continued to service its clients throughout the current environment," the trading update said.

"The introduction and subsequent relaxation of restrictions in different regions around the world has presented opportunities as well as challenges and, taking this into consideration, enquiry and order rates have continued to be satisfactory, with revenue for the quarter to June 2020 of approximately £0.975m."

And to broaden its international reach, the company said it had signed up two new distributors.

A-Frontier Co Ltd is now an exclusive distributor for South Korea, in a move to build the company's presence in Asia-Pacific.

BioTickle Pty Ltd has been appointed as exclusive distributor in India.

Paul Kerr, chief executive of Fusion Antibodies, said: "We're pleased to have been able to continue to service our clients during the ongoing pandemic and our distributor agreements will broaden our reach in two key markets."

The company announced a £3m London stock market share placing in April.

Fusion Antibodies recently announced it's now part of the Northern Ireland Coronavirus Antibody Development Alliance, set up to help in the global fight against the coronavirus pandemic.

It's been working with specialists including Professor Ultan Power, of the Wellcome-Wolfson Institute of Experimental Medicine and Professor Chris Scott, in The Patrick G Johnston Centre for Cancer Research, to prepare antibodies that will potentially neutralise the virus.

Along with First Derivatives and Diaceutics, it's one of three NI firms listed on the AIM.

Belfast Telegraph