Business
Receipt of grants from Invest Northern Ireland
Receipt of grants from Invest Northern Ireland.
About this update from Fusion Antibodies Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2587D\n Fusion Antibodies PLC\n 27 October 2020\n \n \n \n \n Fusion Antibodies plc\n \n \n (\"Fusion\" or the \"Company\")\n \n \n \n \n \n Receipt of grants from Invest Northern Ireland\n \n \n \n \n \n Invest NI to support Fusion's COVID-19 Discovery programme as part of the NI COVID-19 Antibody Development Alliance \n \n \n \n \n \n Fusion Antibodies plc (AIM: FAB), a contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications, announces that, on 26 October 2020, it accepted an offer for financial assistance from Invest Northern Ireland (\"Invest NI\") comprising a Research and Development grant totalling up to £188,000 (the \"Grant\"). The Grant represents the Company's allocation of a total package of support of £453,000 for the Northern Ireland COVID-19 Antibody Development Alliance (\"NICADA\"), a collaboration between Fusion and Queen's University Belfast (\"QUB\") with an aim to develop and test antibodies to assist in tackling the COVID-19 pandemic. \n \n \n \n \n \n The Grant will be used by Fusion to support the Company's mammalian antibody Library research and development programme and will reinforce the work being performed at Fusion to produce fully human antibodies targeting the SARS-CoV-2 virus which could be used in therapeutic and diagnostic applications. \n This work also forms one part of the strategic multi-target development of the Company's mammalian antibody library. \n The balance of the £453,000 total NICADA grant will be made to QUB \n to enable their scientists who have access to the SARS-CoV-2 virus to undertake testing and validation of the anti-COVID-19 antibodies and antigens produced and owned by the Company. \n \n \n \n \n \n Invest NI is the business development agency for Northern Ireland, providing support to local businesses in the region and has been a long-standing supporter to the Company, as well as a substantial shareholder in the Company. Under the terms of the Grant, the provision of grant funding supports expenditure incurred from 2 July 2020 to 2 July 2021 and will be claimed periodically by the Company throughout this period. \n \n \n \n \n \n As Invest NI is a substantial shareho...