Business
New contract win
New contract win.
About this update from Fusion Antibodies Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2722O\n Fusion Antibodies PLC\n 07 October 2021\n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n Fusion Antibodies plc\n \n \n (\"Fusion\" or the \"Company\")\n \n \n \n \n \n New contract win\n \n US $1.83 million research and development project using RAMPTM platform\n \n \n \n \n Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces that it has signed a collaborative research and development agreement (the \"Agreement\") with a US based biotechnology \n company \n (the \"Client\") which has been recently incorporated to focus on a number of innovative early stage antibody discovery and development programmes. Pursuant to the Agreement, Fusion will provide its discovery and engineering services in relation to the research and development of several pre-determined projects. \n \n \n \n \n \n Based on the initial statement of work in the Agreement, Fusion will receive a minimum of US$1.83 million of fees over the next two years for the provision of its initial agreed scope of services, which will utilise the Company's\n af\n finity maturation platform, RA\n MPTM\n . Subject to the outcome of the works undertaken, there is a framework for increased fee for service work within the Agreement. The Client has made an initial cash payment of US$318,000 to Fusion upon the signing of the Agreement with the remaining consideration payable at pre-agreed intervals.\n \n \n \n \n \n The Agreement is based on fixed deliverables and downstream milestones for the work in addition to fees for service. Should a product be \n successfully developed, registered and commercialised\n , the Company will be fully entitled to royalty payments based on a percentage of sales figures of that product. \n \n \n \n \n \n The\n \n Client, \n which is unable to be named for reasons of commercial sensitivity, is a US biotechnology start-up company that has been specifi...