Fusion Antibodies PLC Admission to AIM and first day of dealings (5710Z)
December 18 2017 - 2:00AM
UK Regulatory
TIDMFAB
RNS Number : 5710Z
Fusion Antibodies PLC
18 December 2017
Fusion Antibodies plc
("Fusion" or the "Company")
Admission to trading on AIM and First Day of Dealings
Fusion Antibodies (AIM: FAB), a contract research organisation
("CRO") providing a range of antibody engineering services for the
development of antibodies for both therapeutic drug and diagnostic
applications, announces the admission of its ordinary shares
("Ordinary Shares") to trading on AIM ("Admission") today, 18
December 2017. Dealings in the Ordinary shares will commence under
the ticker "FAB" and ISIN GB00BDQZGK16.
The Company's Admission Document is available from
www.fusionantibodies.com.
The Company has successfully raised GBP5.5 million (before
expenses) through a placing of new Ordinary Shares, to fund the
expansion of its existing laboratory space, increase its sales and
marketing efforts, for the development of the new service lines, as
well as providing additional working capital. In addition, GBP1.1
million has been raised for selling shareholders.
Transaction highlights
-- GBP5.5 million raised by the conditional placing of 6,707,317
new Ordinary Shares at a placing price of 82p
-- The new Ordinary Shares represent c. 30.4 per cent. of the
enlarged share capital on Admission
-- Selling shareholders have sold 1,310,976 existing Ordinary Shares as part of the placing
-- Enlarged share capital on Admission of 22,091,192 Ordinary Shares
-- GBP18.1 million market capitalisation on Admission at the placing price
-- Allenby Capital Limited is Nominated Adviser and Broker
About Fusion Antibodies plc
Fusion is a Belfast based, revenue generating and profitable CRO
providing a range of antibody engineering services for the
development of antibodies for both therapeutic drug and diagnostic
applications. The Company provides a broad range of services in
antibody generation, development, production, characterisation and
optimisation. These services include antigen expression, antibody
production, purification and sequencing, antibody humanisation
using Fusion's proprietary CDRx(TM) platform and the production of
antibody generating stable cell lines to provide material for use
in clinical trials. Since 2012, the Company has successfully
sequenced over 250 antibodies and successfully completed over 100
humanisation projects for its international, blue-chip client base,
which includes eight of the top 10 global pharmaceutical companies
by revenue.
The Company was established in 2001 as a spin out from Queen's
University Belfast. It was initially a drug development business
but revised its operations to focus on CRO work in 2011. The
Company has recorded profits for the last two financial years, with
annual sales of GBP1.9 million during the year ended 31 March 2017,
and had an order book of GBP1.3 million as at 30 September 2017. In
the six months to 30 September 2017, the Company recorded a
turnover of GBP1.4 million. The Company has a highly experienced
management team with a combined 47 years' experience in the
biopharma industry.
The global monoclonal antibody therapeutics market, which
accounted for 43 per cent. of the global biologics market in 2016,
was valued at between $85.4 billion and $86.7 billion in 2015 and
is forecast to increase at a CAGR of between 8.2 per cent. and 12.2
per cent. for the period 2016 to 2024.
The Company's growth strategy is based on the expansion of its
client base as well as the addition of new services including
antibody affinity maturation and development of a mammalian
antibody library. This strategy uses the Company's proven
technology and expertise and targets expansion both in the UK
market and internationally.
Use of funds
The net proceeds of the Placing receivable by the Company
(totalling c. GBP4.75 million) will be used to expand the Company's
existing laboratory space, increase its sales and marketing
efforts, for development of the new service lines, as well as
providing additional working capital. The Company intends to expand
its current laboratory space, as it expects it will reach capacity
in certain areas by March 2018. The Company has secured additional
space in the building on its existing site, which will enable it to
more than double its facility. The Company intends to complete the
fit out of the new laboratory by the end of 2018.
Dr Paul Kerr, CEO of Fusion, commented: "We are very pleased
with the level of interest generated from new institutional
investors in support of our admission to trading on AIM. We have
established Fusion as a multi-service CRO for antibody engineering
& humanisation, and cell line development for the world's
largest developers of antibody-based therapeutics drugs and
diagnostics companies. The move to AIM and the additional funding
will allow us to continue this growth trajectory by expanding our
capacity and developing our offering of new, high value, market
differentiating products."
Enquiries:
Fusion Antibodies plc www.fusionantibodies.com
Dr Paul Kerr, Chief Executive Via Walbrook PR
Officer
James Fair, Chief Financial
Officer
Allenby Capital Limited Tel: +44 (0)20 3328
5656
Virginia Bull / James Reeve
/ Asha Chotai
Walbrook PR Tel: +44 (0)20 7933 8780 or
fusion@walbrookpr.com
Paul McManus Mob: +44 (0)7980 541 893
Anna Dunphy Mob: +44 (0)7876 741 001
This information is provided by RNS
The company news service from the London Stock Exchange
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