Belfast Telegraph

Fusion's shares increase by 50% on first day of trading

By Margaret Canning

Northern Ireland biotech firm Fusion Antibodies has finished its first day of trading on the stock market, becoming the province's third plc.

Fusion Antibodies, based in Dunmurry, has joined Newry-based software giant First Derivatives on the Alternative Investment Market (AIM).

The shares closed at 124p, a 50% premium on their initial placing price of 82p. The first day of trading also saw the company surpass its original market valuation of £18.1m to just over £27m.

The firm has said it will use the funds raised to expand its lab space and increase sales and marketing efforts.

It carries out antibody engineering services for therapeutic drug and diagnostic applications. It employs 25 people at its Springbank Industrial Estate base.

Its plans to float on the stock market were first revealed in the Belfast Telegraph two weeks ago.

Kainos plc, based in Belfast, makes up the trinity of Northern Ireland plcs and is listed on the main London Stock Exchange.

Belfast Telegraph

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