Fusion Antibodies plc announced that it has received a follow-on project under a collaborative research and development agreement with a US based biotechnology company (the Client), details of which were announced on 7 October 2021. Under the Agreement, Fusion has been providing discovery and engineering services utilising its proprietary affinity maturation platform, RAMPTM, to assist the Client in a number of antibody discovery and development programmes. The Follow-on Project is to further progress the lead antibody which was successfully developed for the Client under the original statement of work and is anticipated to result in Fusion generating fees of approximately USD 650,000 pursuant to the Agreement by the end of March 2025.

The USD 650,000 Follow-on Project is separate and in addition to the existing revenues received under the initial statement of work in the Agreement, which have marginally exceeded the original minimum of USD 1.83 million of fees as a result of additional elements being added to the project. Further work on potential back-up antibodies may also be conducted in parallel, subject to agreeing further scopes of work and fees.