New contract with existing client

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications announces it has entered into a contract (the "Contract") for a new project to develop an antibody based therapeutic (the "Project") with an existing client of the Company, a US based biotechnology company (the "Client") pursuant to a collaborative research and development agreement, details of which were announced on 7 October 2021.

The Project is centred on combatting a chronic debilitating disease in humans and will utilise Fusion's extensive engineering and supply capabilities. The Contract covers two initial phases of work which, based on the schedule of work, is expected to amount to revenue to Fusion of approximately £200,000, all of which is expected to be recognised in the current financial year. Additionally, royalties will also be due on commercial sales of the final product once successfully approved.

This Contract is separate and in addition to the $650,000 follow-on project currently being undertaken for the Client, details of which were announced on 6 February 2024.

Adrian Kinkaid, CEO of Fusion, said: "It is particularly gratifying to have again been selected as the antibody engineering partner of choice by our Client, with whom we have a long-term and highly productive relationship. This collaboration will run concurrently with other therapeutic projects we are already performing with the Client. We look forward to again providing high quality assistance and creative solutions to generate high quality antibodies which can be brought to the clinic more rapidly."

Richard Buick, CSO of Fusion, said: "This Project will make use of our extensive experience in engineering antibody-based multi-functional therapeutic proteins, and we look forward to working together with the Client's labs to develop novel treatments to combat this chronic and debilitating disease."