Business
Update on restructure and cost savings
Update on restructure and cost savings.
About this update from Fusion Antibodies Plc
[{"type":"text","content":"\n\n14 August 2023\n \nFusion Antibodies plc\n(\"Fusion\" or the \"Company\")\n \nUpdate on restructure and cost savings\n \nFusion Antibodies plc (AIM: FAB), a contract research organisation (\"CRO\") providing discovery, design, and optimisation services for therapeutic antibodies to the global healthcare market, announces an update on the Company's cost savings and restructuring plans, details of which were announced on 19 May 2023, at the time of the recent placing to raise approximately £1.67 million (the \"Placing\").\n \nThe Company has undertaken and completed a restructuring process set out at the time of the Placing to reduce annualised costs by approximately £2.2 million and is on track to realise all the intended savings outlined. The Company continues to expend cash in a planned manner to grow the trading aspects of the business including the development of new services stemming from research and development projects.\n \nAs part of the cash saving measures, it is intended that certain directors of the Company will be issued new ordinary shares in Fusion in settlement of a portion of their salary. Further announcements will be made in due course, following the publication of the Company's annual report and accounts for the year ended 31 March 2023.\n \nDr Adrian Kinkaid, CEO of Fusion, commented: \"The recent restructuring, whilst difficult for all those involved, was required to ensure the business had the financial resources required to reach profitability. This is now the case, and we continue to focus on delivering the plan.\"\n \nEnquiries: \n \n\n\n\nFusion Antibodies plc\n\n\nwww.fusionantibodies.com\n\n\n\n\nAdrian Kinkaid, Chief Executive Officer\nJames Fair, Chief Financial Officer\n\n\nVia Walbrook PR\n\n\n\n\n\n\n\n \n\n\n\n\nAllenby Capital Limited\n\n\nTel: +44 (0)20 3328 5656 \n\n\n\n\nJames Reeve / Vivek Bhardwaj (Corporate Finance)\nTony Quirke (Sales and Corporate Broking)\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nWalbrook PR\n\n\nTel: +44 (0)20 7933 8780 or [email protected]\n\n\n\n\nAnna Dunphy\n\n\nMob: +44 (0)7876 741 001\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nAbout Fusion Antibodies plc\n \nFusion is a Belfast based contract research organisation (\"CRO\") providing a range of antibody engineering services for the discover...