London-listed Belfast medical specialist Fusion Antibodies has reported “significant improvements” to its trading performance in the first six months of its trading year.
The former Queen’s University spin-out, founded in 2001 and a specialist in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, saw revenues more than double from £500,000 to £1.2 million in the half year to September.
It also slashed losses from £1.4m to £760,000 over the period, compared with the previous year, while its expenditure on research and development was maintained at £180,000.
But Fusion’s cash position weakened significantly, with £400,000 in the bank at September 30 compared to £1.2m at the end of March, with a further £457,000 owed by existing debtors.
Chief executive Adrian Kinkaid said: “These interim figures bear witness to the significant improvements to the business and the more favourable market conditions we have deservedly enjoyed in the period.
“The company is now well positioned, generating the financial evidence of a significant recovery and promising growth in its prospects.
“Of particular note is the increase in margins complementing the more than doubling of revenues, which is testament to the board’s and the team’s determination to move toward profitability.
“We remain focused on meeting our stated goal of achieving cash flow breakeven without needing to raise additional funds.”
Operationally over the six months, Fusion is making continued progress in the development of its OptiMAL library and secured a first contract to develop its bespoke non-human antibody species.
Its collaboration agreement with the National Cancer Institute was also expanded to include the humanisation of several of the Institute’s existing camelid nanobodies.
