Sales at Fusion Antibodies increase and losses are reduced
A Belfast biotech company has more than doubled its revenues to £1.75m in its half-year results.
Fusion Antibodies, which is listed on the Alternative Investment Market (AIM), said it had also succeeded in cutting its losses from £740,000 in the first half of last year to £470,000.
It specialises in contract research, providing antibody engineering services for development antibodies for therapeutic drugs and testing. Its ultimate aim is to help speed up the drug development process.
The company was set up in 2001 as a spin-out from Queen's University and was admitted to the AIM in 2017.
Chief executive Paul Kerr said: "Our revenues are growing apace and we have seen a solid improvement in the performance of the business for this period compared to the previous six months."
He explained Fusion Antibodies had also received its first commercial sales from its specialist RAMP service, which aims to improve antibody performance "and the feedback fro the service has been very promising".
"We are on target to deliver significant revenue growth year on year and, as always, I would like to thank our shareholders and staff for all their valued support," Mr Kerr added.
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Along with First Derivatives and Diaceutics, it's one of three Northern Ireland firms listed on the AIM.