RE: US CANCER RESEARCH INSTITUTE TUNEOVER30 Nov 2023 10:03
The last contract in October to a relatively small start up. I wonder what the new contract is worth to such a massive organisation to Fusion.
It has to be very large and cash generative.
2023
New contract win
07 October 2021
US $1.83 million research and development project using RAMPTM platform
Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces that it has signed a collaborative research and development agreement (the “Agreement”) with a US based biotechnology company (the “Client”) which has been recently incorporated to focus on a number of innovative early stage antibody discovery and development programmes. Pursuant to the Agreement, Fusion will provide its discovery and engineering services in relation to the research and development of several pre-determined projects.
Based on the initial statement of work in the Agreement, Fusion will receive a minimum of US$1.83 million of fees over the next two years for the provision of its initial agreed scope of services, which will utilise the Company’s affinity maturation platform, RAMPTM. Subject to the outcome of the works undertaken, there is a framework for increased fee for service work within the Agreement. The Client has made an initial cash payment of US$318,000 to Fusion upon the signing of the Agreement with the remaining consideration payable at pre-agreed intervals.
The Agreement is based on fixed deliverables and downstream milestones for the work in addition to fees for service. Should a product be successfully developed, registered and commercialised, the Company will be fully entitled to royalty payments based on a percentage of sales figures of that product.
The Client, which is unable to be named for reasons of commercial sensitivity, is a US biotechnology start-up company that has been specifically incorporated to pursue the projects to which the Company will be providing its services. The Client is financially backed by a US based biotechnology investment company which is active in life science investments.
Richard Jones, CEO of Fusion Antibodies, commented: “We are delighted to have agreed this important new contract with a key player in the biotech industry. The Agreement has a minimum contract value of US$1.83 million which is very significant. Furthermore, we are especially pleased that the project will take place using our RAMPTM platform, highlighting that this technology continues to gain traction in the marketplace.”
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