First purchase order under MSA

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces it has received a first purchase order under the master services agreement ("MSA") with a leading diagnostics company (the "Client"), details of which were announced on 14 February 2024.

In line with the Company's stated strategy to target its services into adjacent markets, and in particular into the diagnostics sector, the Company announced that it had negotiated and signed the MSA with a leading global provider of diagnostics. The MSA covers a range of Client needs that can be met through Fusion's service offerings. The first purchase order, valued at c. £60,000, has been received for an initial project to generate antibodies specifically for the Client's use in diagnostic products. It is anticipated that further purchase orders will follow for additional and recurring projects. The Company anticipates that, given the nature of the work being undertaken, the majority of the revenue under the initial purchase order will be recognised in the next financial year, commencing 1 April 2024.

Adrian Kinkaid, CEO of Fusion, said: "Reaching this agreement with a world class diagnostics provider positively reinforces the value to the wider commercial world of Fusion Antibodies' technologies and capabilities. In this case it is the generation of antibodies in diagnostics products. We look forward to establishing a long-term relationship with our new partner and providing them with assistance to generate better antibodies which are more manufacturable and can be rapidly deployed in clinical diagnostic products for the benefit patient well-being across the globe."