Revenues rise, losses widen for Fusion Antibodies

Preclinical antibody discovery specialist Fusion Antibodies reported a 7% improvement in full-year revenues in its final results on Tuesday, to £4.2m.

The AIM-traded firm said a deferred tax asset of £1.8m was derecognised in the year ended 31 March, although tax losses of £9m remained available to offset future profits.

Its loss for the year widened to £2.9m from £0.7m year-on-year, after the company completed a £3m equity fundraise in the period.

The company’s cash position at year-end totalled £2.7m, up from £1.5m a year earlier.

On the operational front, Fusion Antibodies commercially rolled out, and received revenues from, its ‘Rational Affinity Maturation Platform’ (RAMP).

Its investment in research and development increased by 57% from the prior year, and since the period ended, Fusion confirmed receipt of the first success milestone payment of £0.15m from a key client.

“We are pleased with our performance in what has been a challenging year for everyone,” said chief executive officer Richard Jones.

“We have made significant progress with sustained revenue growth, progress on the research and development pipeline, and continue to expand our range of services.

“On behalf of the board, I would like to thank our shareholders for their continued support and we hope to be able to provide further positive updates as we go through the year.”

At 1055 BST, shares in Fusion Antibodies were down 5.56% at 127.5p.