Follow-on project award and R&D update

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

Fusion Antibodies plc

("Fusion" or the "Company")

Follow-on project award and R&D update

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, is pleased to announce that it has received a follow-on project (the "Follow-on Project") under a collaborative research and development agreement (the "Agreement") with a US based biotechnology company (the "Client"), details of which were announced on 7 October 2021.

Under the Agreement, Fusion has been providing discovery and engineering services utilising its proprietary affinity maturation platform, RAMPTM, to assist the Client in a number of antibody discovery and development programmes.

The Follow-on Project is to further progress the lead antibody which was successfully developed for the Client under the original statement of work and is anticipated to result in Fusion generating fees of approximately US$650,000 pursuant to the Agreement by the end of March 2025. The US$650,000 Follow-on Project is separate and in addition to the existing revenues received under the initial statement of work in the Agreement, which have marginally exceeded the original minimum of US$1.83 million of fees as a result of additional elements being added to the project. Further work on potential back-up antibodies may also be conducted in parallel, subject to agreeing further scopes of work and fees.

Adrian Kinkaid, CEO of Fusion, said: "It is always thrilling and satisfying to share in our clients' successes. We are delighted that the programme has been so productive, and we look forward to continuing to work with our Client to bring better antibodies to the clinic more rapidly. The collaborative nature of the project, with creative problem solving from both parties over the full length of the programme, makes this a model example of Fusion's Integrated Therapeutic Antibody Service (ITAS) and highlights the strong reputation that Fusion has for delivering high quality therapeutic antibodies.

"Whilst it is not anticipated that revenues from the new Follow-on Project will substantially impact revenues in the current financial year, it provides a valuable bedrock for the following year. We look forward to continuing to build on the excellent relationship with our Client and to repeating the success with more ITAS projects in the future."