Pharmaceutical company Fusion Antibodies said it had a “challenging” year but has seen its sales pipeline grow.
Fusion posted audited revenue of £1.14m for the year ended March 2024, a 60 per cent drop from the £2.9m it reported in 2023.
The company, which specialises in antibody discovery, engineering and supply for therapeutic drugs, said it experienced a “significant increase in sales pipeline opportunities” during the second half of its 2024.
Its cash position as of 31 March 2024 was £1.2m, compared to £0.2m the previous year.
Shares in the AIM-listed firm sprung up 7.5 per cent when the market opened on Thursday.
Adrian Kinkaid, chief executive of Fusion said the company has had a “largely challenging” financial year 2024, as the venture capital funded biotech sector has faced “significant headwinds”.
“A number of clients had consequently delayed initiating their projects with us as a result of this,” he said. “Having said that, we are starting to see an improvement and we did complete a successful fundraise for further investment into the business in February this year.”
In February, Fusion announced it raised £1.37m for investment into commercial activities.
“Since the year end, we have increased commercial activity and had more success, with a number of new agreements signed,” Kinkaid added.
The stock has fallen around 44 per cent over the past year.