Reflections post raise29 Jan 2026 13:03
My reflections post raise…..FAB now appears to be entering a very different phase with the launch of its world-first OptiMAL platform.
1) The raise matters — and it was done from strength
The placing was completed at 13p with no discount to the prior bid. That’s unusual on AIM. It removes near-term funding risk just as the company moves into commercial execution, allowing Fusion to accelerate growth rather than constrain it through cost control.
2) What OptiMAL is — and why it matters
OptiMAL is a new antibody discovery platform designed to find brand-new, fully human antibodies faster and with lower risk. Management describes it as first- and best-in-class, targeting the most valuable part of the drug pipeline: discovery.
Discovery work is higher margin than Fusion’s traditional services and keeps clients engaged for longer. Crucially, they have updated that multiple clients are already engaging under NDA to discuss OptiMAL. Clients won’t engage like this unless they are serious discussions. These are premium, additive services that materially improve earnings quality.
3) Validation, commercialisation — and IP protection
OptiMAL has been validated by the US National Cancer Institute, delivering single-digit nanomolar hits directly from screening. NCI now wants to move to a commercial agreement to use OptiMAL across multiple targets and years. Fusion has said the proposed deal is large enough to require NIH approval — a powerful external endorsement. This may take time to get through but it is powerful none the less at this stage.
The platform is also patent-protected, with US coverage secured and further decisions pending in Europe, China, and Japan. Strong IP underpins pricing power, licensing potential, and long-term strategic value.
4) Growth was already forecast before the raise
Brokers were already modelling strong H2 growth (often cited around ~80% vs H1) and ~£3m revenues by FY27 before the placing. The raise de-risks delivery and broker forecasts still exclude any OptiMAL contribution.
5) Cash burn is supported, not stressed
Fusion also benefits from £1m of non-dilutive Future Medicines Institute funding over five years, plus shared capital equipment — lowering burn while supporting scale-up. They also have the £545k Dr5 grant.
Potential near-term catalysts:
• OptiMAL NDAs converting to contracts
• updates on Progress on an NIH-approved NCI deal
• potentially Patent decisions in major jurisdictions
• Outcome of the OptiPhage licence evaluation
• Hiring momentum as the company scales
• A potentially strong FY26 trading update
This is Not advice. DYOR — but IMO this is the clearest setup Fusion has had in years: funded, validated, IP-protected, and launching higher-margin services.
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