(Alliance News) - Fusion Antibodies PLC on Monday said it has completed its restructuring plans, in hopes of reducing annualised costs by about GBP2.2 million.
Fusion Antibodies is a Belfast-based contract research organisation providing discovery, design and optimisation services for therapeutic antibodies to the healthcare market.
In May, Fusion said it had raised GBP1.7 million through a placing, subscription and retail offer. It explained that its fundraise would provide near-term working capital, as well as fund non-recurring restructuring costs associated with cost savings.
On Monday, Fusion said it has undertaken and completed a restructuring process set out at the time of the placing to reduce annualised costs by about GBP2.2 million and it is now on track to realise all the intended savings outlined.
As part of the cash saving measures, some directors will be issued new shares in Fusion in settlement of a portion of their salary.
"The company continues to expend cash in a planned manner to grow the trading aspects of the business including the development of new services stemming from research and development projects," it added.
Chief Executive Officer Adrian Kinkaid commented: "The recent restructuring, whilst difficult for all those involved, was required to ensure the business had the financial resources required to reach profitability. This is now the case, and we continue to focus on delivering the plan."
Fusion shares fell 5.4% to 6.62 pence each on Monday morning in London.
By Sophie Rose, Alliance News reporter
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Fusion Antibody (FAB)