Belfast-based contract research firm Fusion Antibodies has conditionally raised about £1.2 million (€1.4 million) in a share placing that it plans to use on further developing its flagship platform.
The company, which specialises in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, said it is currently seeking to validate its Optimal platform with the US National Cancer Institute.
The Optimal platform is a library created by the company that is designed to capture the entire human antibody repertoire.
Fusion Antibodies chief executive Adrian Kinkaid said the platform has generated a “significant number of worthy hits” which the group now intends to “confirm”.
“This requires additional research and development spending, which will be complemented by further investment in commercialisation activities,” he said.
“These exciting developments and opportunities, together with maximising the value of our grants, created the justification for the placing.
“I am delighted that our enthusiasm for the validation of our flagship platform has been matched by the participants in the placing, and especially those from the institutional venture capital trust funds with their inherent longer-term perspective.”
Mr Kinkaid added it was “very pleasing” to see the level of shareholder support the company enjoys.
“While we continue to work towards our goal of achieving cash flow neutrality, the company is faced with some remarkable opportunities for growth which are worthy of additional investment” he said.
The company informed investors on Tuesday that the shares were being placed in two tranches. The first will be allotted and issued through the company’s existing authorities granted at the group’s annual general meeting last October.
The second tranche, which covers about £570,000 of the funds, is conditional upon the passing of resolutions at a meeting of the company next month.
The group placed 17,365,228 new ordinary shares of 4 pence each in the company at a price of 6.75 pence per new ordinary share. The issue price is equal to what was the closing mid-market price of an ordinary share on Monday.
Allenby Capital and Shard Capital Partners are acting as the company’s joint brokers in connection with the placing.
