The grants – totaling up to £213,000 ($283,231) – were awarded by Invest Northern Ireland, a development agency for the Northern Ireland region which helps fund growing businesses and provides local support.
A spokesperson for Fusion Antibodies told us the agency is a “significant shareholder in Fusion.”
Headquartered in the Belfast city center of Northern Ireland, Fusion Antibodies is a contract research organization (CRO) providing antibody engineering services.
“The funds will be used to create up to 28 additional jobs and support additional business development over the next 24 months,” a company spokesperson told us.
With an additional 28 employees, Fusion Antibodies’ workforce is expected to reach 55.
“The grants will help to fund the expansion of the team and they are currently in the process of doubling the capacity of the laboratory and office space, which should be completed by the end of the summer,” the spokesperson added.
Awards and investments
Fusion Antibodies in March of this year announced receipt of a previous grant from Invest NI. Additionally, the CRO in May secured a Medical Research Council (MRC) award to develop a new antibody drug for the treatment of pancreatic cancer in collaboration with Queen’s University Belfast researchers at the Centre for Cancer Research and Cell Biology (CCRCB).
Fusion Antibodies became one of three companies in Northern Ireland to trade on the London Stock Exchange in December 2017, at which time it announced the plans for expansion. The company raised approximately £5.5m ($7.3) via a conditional placing through its nominated advisor and broker, Allenby Capital Ltd.