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Revenue increases at Belfast-based Fusion Antibodies

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Antibodies: Fusion provides services to clinical researchers

Antibodies: Fusion provides services to clinical researchers

Antibodies: Fusion provides services to clinical researchers

Fusion Antibodies, a Belfast -based pharmaceutical contract research company, has reported revenue of £1.7m (€2m) for the first half of its financial year 2020.

This is an increase on the £700,000 reported in the same period last year.

The company, which provides its clients with platforms and tools to help them develop drugs and treatments, said the improved performance was driven by an increase in orders.

Meanwhile, its cash position at 30 September 2019 was £1.3m, according to interim results.

During the six-month period, Fusion generated its first commercial revenues from its proprietary Rational Affinity Maturation Platform (RAMP) service.

RAMP was launched at the 2018 Antibody Engineering Conference in San Diego and is designed to provide customers with improved binding potential and stability in the development of new antibodies (Y-shaped proteins).

The directors of the company, which employs 45 people, said they continue to be "confident" that growth in order levels for existing and new services will continue.

"We continued to see good revenue growth during this first six months and have had a strong improvement in the previous six months," said Paul Kerr, CEO of Fusion Antibodies.

"We remain confident of an encouraging second half and that the company will achieve significant revenue growth for the full year."

Founded in 2001 as a spin-out from Queen's University Belfast, Fusion started trading on AIM - a section of the London Stock Exchange for smaller companies - in December 2017.

The company's growth strategy is based on adding new services and expanding its client base.

Looking forward, Mr Kerr said Fusion's focus over the next 12 months would be on increasing its capabilities and developing products.

Invest Northern Ireland owns 4.4pc of the business.

Irish Independent