27 February 2025

Fusion Antibodies plc

("Fusion" or the "Company")

Contract Win

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 been selected to proceed with a new stable Cell Line Development project (the "CLD Project") under a collaborative research and development agreement (the "Agreement") with a US based biotechnology company (the "Client").

Work in relation to the CLD Project is expected to commence shortly and last six to nine months. The Agreement is expected to result in Fusion generating revenues in the region of US$250,000 by the end of 2025.

Adrian Kinkaid, CEO of Fusion, said: "We are delighted to have been selected to generate the definitive cell line for the future production of this important therapeutic product. We look forward to continuing to work with our Client to bring better antibodies to the clinic more rapidly. The CLD Project highlights the strong reputation that Fusion has for delivering high quality therapeutic antibodies and their associated cell lines: a part of our offering with excellent scope for growth.

"Whilst it is not anticipated that revenues from the new CLD Project will substantially impact revenues in the current financial year, it provides a valuable bedrock for the financial year ending 31 March 2026. We look forward to continuing to build on the excellent relationship with our Client and to repeating the success with more cell line development projects in the future."

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About Fusion Antibodies plc

Fusion is a Belfast based contract research organisation ("CRO") providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications.

The Company's ordinary shares were admitted to trading on AIM on 18 December 2017. Fusion provides a broad range of services in antibody generation, development, production, characterisation and optimisation. These services include antigen expression, antibody production, purification and sequencing, antibody humanisation using Fusion's proprietary CDRx ^TM platform and the production of antibody generating stable cell lines to provide material for use in clinical trials. Since 2012, the Company has successfully sequenced and expressed over 250 antibodies and successfully completed over 200 humanisation projects and has an international, blue-chip client base, which has included eight of the top 10 global pharmaceutical companies by revenue.

The Company was established in 2001 as a spin out from Queen's University Belfast. The Company's mission is to enable pharmaceutical and diagnostic companies to develop innovative products in a timely and cost-effective manner for the benefit of the global healthcare industry. Fusion Antibodies provides a broad range of services in antibody generation, development, production, characterisation and optimisation.

Fusion Antibodies growth strategy is based on combining the latest technological advances with cutting edge science to deliver new platforms that will enable Pharma and Biotech companies get to the clinic faster, with the optimal drug candidate and ultimately speed up the drug development process.