Loss-making drug developer Abzena (ABZA:AIM) advances 3% to 51p after investors welcome its latest update.

The Cambridge-based company has confirmed positive progress across its drug development pipeline and the acquisitions made to expand its offering. Management believe this momentum will continue to build.

Abzena now has 11 drug candidates in clinical development with an additional antibody product in phase I trials to test its effectiveness against cancer.

Web - Abzena - 9 March 2016

The integration of two acquisitions it made in 2015 are progressing as planned. In September it bought US contract manufacturer and drug developer PacificGMP, which was followed three months later by a deal to buy another US outsourcer, Chemistry Research Solution.

These were made to expand its service offering and will trade under the Abzena brand later this year.

Abzena also provides services and technologies that help life sciences companies develop drugs. Demand for these services has also been strong with the company licensing its ThioBridge technology, which helps link antibodies and other proteins, to a US firm.

The deal could be worth up to $150 million in milestones and licensing fees to Abzena if the research produces drugs than reach the market.

Issue Date: 09 Mar 2016