Fusion Antibodies receives first research milestone payment

Preclinical antibody discovery, engineering and supply company Fusion Antibodies has achieved its first research milestone payment as part of its ongoing collaboration with a major client, it announced on Friday.

The AIM-traded firm said the success milestone payment of £0.15m ahd been received as a result of a humanised antibody project that the company provided services to.

That project was successfully commercialised by the client by way of transfer of rights for value to a third party.

The details of the client company concerned were confidential, and Fusion’s board said no further information could be disclosed.

While the company had the potential for further milestone or royalty payments for a number of projects performed for clients, the board said it could not make any estimation of the timing or value of any future revenues from them, as the success rate and timing was “entirely dependent” on the customer progressing to clinical trials and commercialisation.

“We're delighted to be able to announce our first milestone success payment, for which the client has licensed our intellectual property for this project,” said chief executive officer Richard Jones.

“Insofar as we are aware, eight of the first 33 humanisations we have worked on have reached the clinic, and we are involved in a number of projects where we have historically and continue to seek similar milestone or royalty payments.

“We are hoping this is the first of many successful partnerships.”

At 0848 BST, shares in Fusion Antibodies were down 4.31% at 122p.