Receipt of grants from Invest Northern Ireland

RNS Number : 3034G

Fusion Antibodies PLC

01 March 2018

 

1 March 2018

Fusion Antibodies plc 

("Fusion" or the "Company")

Receipt of grants from Invest Northern Ireland

Fusion Antibodies (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 the receipt of certain grants from Invest Northern Ireland ("Invest NI").

Invest NI is the regional 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 disclosed in the Company's admission document, published in December 2017, in the year ended 31 March 2017 the Company received grants from Invest NI totalling £45,674 and in the six months ended 30 September 2017 the Company received further grants totalling £29,481. 

Since the admission of the Company's shares to trading on AIM in December 2017, the Company has received confirmation of payment of further grants from Invest NI totalling £15,450 (the "Grants"). £13,000 of these Grants were in respect of an employment grant whereby the Company is entitled to a payment of £6,500 per additional worker employed, subject to certain conditions and up to a maximum amount of £97,500. The terms of the employment grant are subject to a financial assistance agreement in place between the Company and Invest NI which expires on 30 June 2018. £2,450 of the Grants were skills advancement grants, provided in respect of training for the Company's staff and directors. 

The Company has also submitted claims for additional grant payments totalling £1,631 in respect of Invest NI's export market visit support, which enables eligible companies to receive grant support for travel expenses when visiting a new export market to promote its products or services. This grant application is subject to Invest NI's standard conditions. Fusion will continue to utilise the grant funding available to it from Invest NI insofar as it is available and therefore anticipates that there will be further transactions of this nature. 

As Invest NI is a substantial shareholder in the Company as defined in the AIM Rules for Companies ("AIM Rules"), the receipt of the Grants constitutes a related party transaction pursuant to the AIM Rules. The Directors of Fusion, having consulted with its nominated adviser, Allenby Capital Limited, consider the terms of the Grants to be fair and reasonable insofar as the Company's shareholders are concerned. 

Paul Kerr, CEO of Fusion Antibodies commented: "We're delighted with the support we have received from Invest NI to date. They continue to stand by us as we expand the business and the addition of these grants is an important part of our growth strategy. We look forward to our future collaborations with Invest NI and will keep shareholders updated with our continued activities."

Enquiries:

Fusion Antibodies plc		www.fusionantibodies.com
Dr Paul Kerr, Chief Executive Officer		Via Walbrook PR
James Fair, Chief Financial Officer
Allenby Capital Limited		Tel: [phone]
Virginia Bull / James Reeve / Asha Chotai
Walbrook PR	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Anna Dunphy	Mob: [phone]

 

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