(Alliance News) - Fusion Antibodies PLC on Thursday announced the receipt of a research & development tax credit from UK HM Revenue & Customs for work performed on the development of its OptiMAL platform and other projects in bioinformatics.
The Belfast-based contract researcher, which provides discovery, design and optimisation services for therapeutic antibodies to the healthcare market said the receipt is regarding the company's financial year that ended at the end of March last year.
Chief Executive Officer Adrian Kinkaid said: "The R&D tax credit system is of enormous benefit to companies developing cutting edge technologies such as we continue to do at Fusion. We are now beginning to reap the benefits of the resultant technology platforms with an elevated profile in our field and anticipate considerable commercial growth to be generated from them in the coming years."
Fusion Antibodies shares rose 9.5% to 5.20 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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Fusion Antibody (FAB)