Approval of grant funding

Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces the approval of an InnovateUK Launchpad grant application (the "Grant") led by Fusion Antibodies plc in collaboration with Queens University Belfast ("QUB").

Highlights:

• Fusion to receive up to £545K direct non-dilutive funding
• Grant to run for 18 months
• Eligible costs include labour, overheads and materials
• The therapeutic anti-DR5 antibody asset will be owned by Fusion and QUB
• Project will provide case study data for the marketing of Fusion's technologies

The total funding being made available under the Grant is over £808k, with up to £545k expected to be provided for Fusion over a period of approximately 18 months. Funds are being provided by UK Research & Innovation ("UKRI") and InvestNI. The primary purpose of the grant is to develop a humanised antibody targeting and activating the DR5 protein on cancer cells for the treatment of cancers which are resistant to other therapies, with a goal of having a clinic ready therapeutic asset at the end of the project that can be licenced to third party pharma companies or biotechs.

A formal collaboration agreement has already been agreed and signed by Fusion and QUB setting out the work programme. Fusion's primary role will be the humanisation of the antibody and creation of a stable cell line. QUB will be conducting the in vivo efficacy studies of the antibody.

The Grant support to Fusion is to cover human resource needs, materials/consumables costs and overheads. The project is expected to start on 1 May 2025 and will provide case study data for the marketing of Fusion's technologies. The antibody asset generated under the Grant project will be jointly owned by Fusion and QUB although the ownership ratios are still to be determined.

Adrian Kinkaid, CEO of Fusion, said: "We are delighted to receive this grant from UKRI and InvestNI. The project exemplifies the collaborative interactions we set out to achieve as part of the Future Medicines Institute and builds on the solid foundations that provides."

Richard Buick, CSO of Fusion, said: "This project will allow us to demonstrate some of our exceptional and world class scientific capabilities in the development of a novel DR5 agonist antibody. The target has attracted the interest of several of the best biotechnology companies pursuing novel cancer therapies."

Chistopher Scott, Dean of Research, QUB, said: "I am delighted that QUB can partner with regional companies with such expertise to enhance development of home ground therapeutics - this builds on the successful establishment of the Future Medicines Institute aiming to bring the best of academic research, in this case the Patrick G Johnston Cancer Centre, together with industrial partners for the development of health and wealth benefits for Northern Ireland."

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