Fusion Antibodies PLC (AIM:FAB) shares floated 16% higher to 5.5p after the pre-clinical antibody discovery specialist said it received a follow-on project from a US-based biotech, generating expected fees of US$650,000.
Under an agreement that was announced in October 2021, the AIM-listed company said it has been providing discovery and engineering services utilising its RAMP platform to assist the client with several antibody discovery and development programmes.
The new project will focus on further progressing the lead antibody that was developed as part of the original work.
Fees generated from this new work are expected by the end of March 2025 and there could be further fees if more work on potential back-up antibodies is conducted, Fusion said.
Chief executive Adrian Kinkaid said revenues from the follow-on project are not anticipated to substantially impact the current financial year, but provide "a valuable bedrock for the following year".