Fusion Antibodies plc announced it has entered into a contract for a new project to develop an antibody based therapeutic with an existing client of the Company, a US based biotechnology company pursuant to a collaborative research and development agreement, details of which were announced on 7 October 2021. The Project is centred on combatting a chronic debilitating disease in humans and will utilise Fusion's extensive engineering and supply capabilities. The Contract covers two initial phases of work which, based on the schedule of work, is expected to amount to revenue to Fusion of approximately PS200,000, all of which is expected to be recognised in the current financial year.

Additionally, royalties will also be due on commercial sales of the final product once successfully approved. This Contract is separate and in addition to the $650,000 follow-on project currently being undertaken for the Client, details of which were announced On 6 February 2024.