HMRC R&D tax credit

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces the receipt of an R&D tax credit from HMRC in respect of the financial year ended 31 March 2023, relating to work performed on the development and optimization of the OptiMAL® platform, as well as other R&D projects in bioinformatics, antigen design and cell culture. The value of the tax credit is in line with expectations at almost £280k, which reflects the Company's continued investment in R&D projects that maintain Fusion at the forefront of technology in the antibody market. The technologies have been well received by partners and potential partners with the OptiMAL® platform notably undergoing validation through an agreement with the National Cancer Institute in the USA. Fusion will maximise the impact of the tax credit with the generation of revenue streams from the R&D projects that were supported.

Adrian Kinkaid, CEO of Fusion, said: "The R&D tax credit system is of enormous benefit to companies developing cutting edge technologies such as we continue to do at Fusion. We are now beginning to reap the benefits of the resultant technology platforms with an elevated profile in our field and anticipate considerable commercial growth to be generated from them in the coming years."