BELFAST-based antibody developer Fusion Antibodies said is has achieved full-year revenue ahead of expectations, due to its transient expression service.
In the year to March 31, Fusion reported revenues of £4.8 million, an increase of 14 per cent on the previous year (£4.2m).
Administrative expenses increased by 8.6 per cent to £3.8m, and significantly it more than halved its annual losses from £2.9m to £1.2m.
The company, which specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, had year-end cash reserves of £2m (down from £2.7m in 2021).
Fusion, which began life in the science labs at Queen's University, attributed its growth to a good performance from its transient expression service, significantly outperforming the previous year, and added that post year-end trading has been in line with expectations.
Looking ahead, it noted uncertainty due to current global macro conditions.
Simon Douglas, chair of Fusion Antibodies, said: “We are pleased with our overall performance in the year given the challenges that still exist with Covid-19.
“Our full year revenues increased, and we have strengthened our board with the additions of Dr Matthew Barker as a non-executive director and, more recently, the appointment of Dr Adrian Kinkaid as our new chief executive.
“We are delighted Adrian has come on board and we look forward to fully integrating him into the business.
“On behalf of the whole team, I thank our shareholders for their continued support, and we feel positive for the next 12 months.”
