According to the contract research organization (CRO) – headquartered in Belfast, Northern Ireland – trading to date for the current financial period (ending March 31, 2019) has been slower than anticipated “due to increasing competition and consequential pricing pressures, as well as a delay in securing some large contracts.”
The company in June announced that MAB Discovery GmBH (MAB) would be terminating its collaboration agreement effective December 31, 2018.
Fusion Antibodies posted the notice of results and trading statement yesterday, ahead of its FY2018 earnings call scheduled for later this week. The results for FY18 are in line with current market expectations, according to the statement.
However, the company anticipates that its FY19 earnings results will be “significantly behind current market expectations.” The company expects to achieve a “modest” year-on-year revenue growth based on the current pipeline.
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.
In May of this year, Invest Northern Ireland awarded Fusion Antibodies a grant worth up to £213,000 ($283,231). The grant was the CRO’s second from the Northern Ireland development agency.
The company is developing two new services: antibody affinity maturation and the creation of a mammalian antibody library, which it said remain on schedule.
Additionally, a previously announced laboratory capacity expansion has been completed on time and within budget. It also continues to build its sales and marketing capability internationally.