Fusion Antibodies FY revenues continue to grow in 2020

(Sharecast News) - Pre-clinical antibodies group Fusion Antibodies said on Monday that revenues had continued to grow over the year ending on 31 March.
Fusion now expects to post sales for the full-year of roughly £3.9m, a 79% year-on-year increase. However, the AIM-listed group said the introduction and subsequent relaxation of lockdowns in different regions across the globe had presented the company with both opportunities and challenges.

While Fusion said enquiry and order rates had continued to be satisfactory during Covid-19 restrictions, revenue for the quarter ended 30 June was projected to be approximately £975,000.

As well as inking distribution agreements in South Korea and India, Fusion highlighted that it had continued to make "excellent progress" on the proof-of-concept launch for its Mammalian antibody library discovery platform and had generated a panel of SARS-CoV-2 S antigens.

Chief executive Paul Kerr said: "We're pleased to have been able to continue to service our clients during the ongoing pandemic and our distributor agreements will broaden our reach in two key markets.

"In addition, following the successful equity fundraise in April, we have made excellent progress on the launch of the proof-of-concept for the Mammalian Library and have generated a panel of SARS-CoV-2 S antigens."

As of 1040 BST, Fusion shares had sunk 15.93% to 85.75p.