Fusion Antibodies plc (AIM: FAB), a Belfast-based contract research organisation (CRO) specializing in pre-clinical antibody discovery and engineering, announced on Tuesday that it has received a follow-on project under a collaborative research and development agreement with a US biotechnology company.

The follow-on project aims to advance the lead antibody developed for the client, generating approximately USD650,000 in fees by March 2025. This project is in addition to existing revenues from the initial agreement, exceeding the original minimum of USD1.83m due to added project elements. Further work on backup antibodies may also proceed based on agreed scopes of work and fees.

Established in 2001 as a spin-out from Queen's University Belfast, Fusion's growth strategy combines technological advances and cutting-edge science to expedite drug development processes. Since 2012, Fusion has successfully sequenced and expressed over 250 antibodies, completing over 200 humanisation projects. With a mission to enable timely and cost-effective development of innovative products for the global healthcare industry, Fusion has a blue-chip client base, including eight of the top 10 global pharmaceutical companies by revenue.

Fusion's services encompass antibody design, generation, development, production, characterisation, and optimisation. The global monoclonal antibody therapeutics market, valued at USD186bn in 2021, is projected to exceed USD445bn in 2028, indicating a CAGR of 13.2% for 2022 to 2028. As of June 2022, approximately 150 monoclonal antibody therapies are approved globally, with the top four antibody drugs each achieving sales exceeding USD3bn in 2021.