BROADCASTS.com

\nFusion Antibodies plc (AIM: FAB), as the Early Discovery Contract Research Organisation specialising in pre-clinical antibody discovery, announces its unaudited interim results for the six months ended 30 September 2023 and provides an update on recent commercial progress.
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\nOperational highlights
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\n\xb7\xa0 \xa0 Increased numbers of commercial opportunities identified and improving pipeline valuation
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\n\xb7\xa0 \xa0 A number of projects delayed by clients as they seek further investment
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\n\xb7\xa0 \xa0 Progress in development of the OptiMAL\xae library, with demonstration of whole IgG antibodies expressed on the cell surface
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\n\xb7\xa0 \xa0 \xa31.67 million fundraise alongside \xa31.6 million cost rationalisation exercise
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\n\xb7\xa0 \xa0 Appointment of Stephen Smyth as interim CFO
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\nFinancial highlights
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\n\xb7\xa0 \xa0 Revenue of \xa3541k (H1 FY2023: \xa31.9 million)
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\n\xb7\xa0 \xa0 Expenditure on R&D decreased by 60% to \xa30.18 million (H1 FY2023: \xa30.45 million)
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\n\xb7\xa0 \xa0 Loss of \xa31.4 million (H1 FY2023: \xa31.1 million loss)
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\n\xb7\xa0 \xa0 Cash position at 30 September 2023 was \xa30.5 million (31 March 2023: \xa30.2 million)
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\nPost-period highlights
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\n\xb7\xa0 \xa0 Collaboration Agreement with the National Cancer Institute, USA ("NCI") to validate OptiMAL\xae
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\n\xb7\xa0 \xa0 First AI/ML-AbTM project successfully completed
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\n\xb7\xa0 \xa0 Further pipeline progression and increased rate of deal closures
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\n\xb7\xa0 \xa0 FY2024 results expected to be significantly weighted towards the second half of the year
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\nCommenting on the interim results, Adrian Kinkaid, CEO of Fusion Antibodies plc, said: "During this calendar year, the industry has been experiencing significant headwinds especially in the venture capital ("VC") funded biotech sector. A number of clients have consequently delayed initiating their projects with us. Nonetheless, we have generated a significantly stronger pipeline which includes a wider diversity of clients that are less dependent on VC funding. Consequently, whilst overall revenues for the period are low as previously announced, through our efforts we have benefitted from a trend of increasing month-on-month revenues throughout the H1 FY2024 period, which we hope will continue to strengthen in the remainder H2 and beyond.
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\n"It is particularly encouraging to see our newer offerings also being well received with our first AI/ML-AbTM contract being successfully completed and, post-period end, securing the agreement with the NCI to help validate OptiMAL\xae. Both of these developments are having a positive impact on market awareness and engagement."
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