Fusion Antibodies sees revenues rise almost 80%

Northern Ireland contract research company says trading in first quarter has been satisfactory

Northern Ireland contract research company Fusion Antibodies said revenues for the year to the end of March will be almost 80 per cent higher than the same period a year earlier.

In a stock market update the company, listed on London’s AIM exchange, said full-year revenues would be £3.9 million (€4.3m), a 79 per cent increase on the prior year.

The increase has been well flagged by the company. In January it issued a trading update forecasting full-year revenues to come in “materially ahead” of last year.

Established in 2001 as a spin-out from Queen’s University, Fusion is a Belfast-based contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications.

Fusion said trading throughout the Covid-19 pandemic has been “satisfactory”, and it expects revenue for the quarter to June to come in at £975,000.

The company said it had signed up exclusive distributors for its products in both South Korea and India in a move to "broaden its reach internationally".

"We're pleased to have been able to continue to service our clients during the ongoing pandemic, and our distributor agreements will broaden our reach in two key markets," the company's chief executive, Paul Kerr, said.

In April, Fusion raised £3 million following a share sale. Since then it has generated Covid-19 antigens or molecules capable of stimulating an immune response.

“The multiple Covid-19 proteins generated are also being made available to diagnostic companies for potential commercial development. Furthermore, the company has commenced the process for recruiting additional scientists to undertake the proof-of-concept work.”

Peter Hamilton

Peter Hamilton

Peter Hamilton is a contributor to The Irish Times specialising in business