(Alliance News) - Fusion Antibodies PLC on Tuesday said it has signed a collaboration agreement with the US National Cancer Institute to use its OptiMAL product to discover novel antibodies to treat certain targets.
Fusion shares surged 43% to 4.94 pence each on Tuesday afternoon in London.
The Belfast-based contract research organisation, providing discovery, design and optimisation services for therapeutic antibodies to the healthcare market, said it will provide the NCI full access to its OptiMAL technology to be used against selected, primarily cancer targets, for a two-year period.
The firm said the deal is aimed at developing potential therapeutic antibodies to treat the selected targets.
As part of the agreement, Fusion said the parties will work together on the validation of its OptiMAL technology, with results to be jointly published. Antibodies identified will be retained by the NCI.
Chief Executive Adrian Kinkaid said: "At the time of our fundraise in May, we said that we would be seeking the support of third parties to continue to progress the delivery of OptiMAL. We are delighted to have been able to secure a partner with the expertise of NCI to provide validation to the technology without Fusion being required to commit significant resource to the project."
By Harvey Dorset, Alliance News reporter
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Fusion Antibody (FAB)