Fusion Antibodies PLC on Monday said its loss has widened and revenue is down, after the first half of the financial year proved a ‘challenging period’.

The Belfast-based antibody developer reported a pretax loss of £1.3 million for the first six months to September 30, widening from £651,000 a year ago.

‘A small number of valuable projects have been suspended by clients due to delayed investment into those businesses. Clients have suggested that we should expect these projects to recommence once their funding is secured,’ the company said.

Fusion Antibodies’ revenue for the first half was also down 24% at £1.9 million, from £2.4 million in the same period last year.

The company said that demand for its humanisation and Ramp services remained strong, while research & development spending had increased by 7% to £452,000, as the firm continues to develop its OptiMAL mammalian antibody library project.

‘While this has been a challenging period, the board believes that we can deliver the H2 performance necessary to continue to build shareholder value in the company,’ Chief Executive Officer Adrian Kinkaid said.

Fusion Antibodies shares were down 7.7% at 42.00 pence per share on Monday morning in London.

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