Fusion Antibodies sees revenue continue to grow

Commercial roll-out of services in six-month period lifts revenue

Fusion Antibodies, a pharmaceutical contract research company with its headquarters in Belfast, said revenue continued to grow in the six months to the end of September as it rolled out its service commercially.

The company said it saw an increase in orders over the six months compared with the same period a year earlier. Revenues were £1.7 million for the period, compared with £700,000 in the prior year.

Fusion said it had £1.3 million in cash at the end of September, down from £2 million at the end of March.

The first half of its fiscal year 2020 also saw the first commercial projects for the company’s rational affinity maturation platform service, which is designed to provide customers with improvements to antibody affinity and reduce other unwanted characteristics.

Fusion is also working on the development of a mammalian antibody library, which is due for delivery in 2020

"We continued to see good revenue growth during this first six months and have had a strong improvement in the previous six months," said chief executive Paul Kerr. "We remain confident of an encouraging second half and that the company will achieve significant revenue growth for the full year."

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist