Revenues rise but losses widen at Belfast-based Fusion

Queen’s University spin-out is focused on the monoclonal antibody therapeutics market

Fusion specialises in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications

Belfast-based biotechnology company Fusion Antibodies saw both revenues and losses rise in the year to the end of March.

The company, which specialises in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, said revenues rose 7 per cent to £4.2 million (€4.95m) over the year. However, losses increased from £700,000 to £2.9 million.

A spin-out from Queen’s University Belfast, Fusion is focused on the monoclonal antibody therapeutics market which was valued at $135.4 billion in 2008 and is forecast to surpass $212.6 billion by the end of next year.

The company said it continued to see growth and to invest in core scientific services despite challenges arising from the Covid crisis.

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"We are pleased with our performance in what has been a challenging year for everyone. We have made significant progress with sustained revenue growth, progress on the R&D pipeline, and continue to expand our range of services," said chief executive Richard Jones.

Fusion last year raised an additional £3 million via a share placing to finance an additional Covid-19 element to its library of human antibodies.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist