(Sharecast News) - Fusion Antibodies announced the receipt of its first purchase order under a master services agreement on Tuesday, which it agreed with a prominent diagnostics company on 14 February.
The AIM-traded firm said the agreement encompasses various client requirements effectively addressed by Fusion's service portfolio.
It said the initial purchase order, valued at £60,000, pertained to an inaugural project aimed at generating antibodies tailored for the client's diagnostic product use.
The board said the order was set to be the precursor to successive purchase orders for supplementary and recurring projects.
It said that with the nature of the undertaken work, it was expected that a significant portion of the revenue from the initial purchase order would be recognised in the ensuing financial year, starting 1 April.
"Reaching this agreement with a world class diagnostics provider positively reinforces the value to the wider commercial world of Fusion Antibodies' technologies and capabilities," said chief executive officer Adrian Kinkaid.
"In this case it is the generation of antibodies in diagnostics products.
"We look forward to establishing a long-term relationship with our new partner and providing them with assistance to generate better antibodies which are more manufacturable and can be rapidly deployed in clinical diagnostic products for the benefit of patient well-being across the globe."
At 1337 GMT, shares in Fusion Antibodies were down 0.25% at 3.94p.
Reporting by Josh White for Sharecast.com.
Fusion Antibody (FAB)