10th Aug 2021 14:01
Fusion Antibodies PLC - Belfast-based therapeutic drug and diagnostic applications research organisation - Books widened pretax loss for financial 2021. For financial year ended March 31, pretax loss widens to GBP1.3 million from GBP1.1 million in financial 2020 on revenue which grew 7% to GBP4.2 million from GBP3.9 million last year.
Says continued losses are a result of ongoing investment in operations and research which are "expected to contribute towards future revenue growth". Research and development investment spend increases by 57% from year before. Cash and cash equivalents position at the year end is GBP2.7 million, up from GBP1.5 million in 2020. Looking ahead, says that post-year end trading is in line with market expectations.
"In the financial year, we made further progress on the development work of OptiMAL with the successful production of control models having been achieved and work commencing on two further oncology targets to be developed in addition to the SARS-CoV-2 work. I strongly believe that OptiMAL represents a key future driver of growth for the business and will enable the company to access a sizeable addressable market," says Chief Executive Richard Jones.
Current stock price: 122.00 pence, down 9.6% Tuesday
Year-to-date change: down 1.6%
By Josie O'Brien; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Fusion Antibodies