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

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.

“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.