Clinical firm Fusion set to float on London AIM market
DUNMURRY-based clinical research firm Fusion Antibodies has confirmed plans to raise £5.5 million by floating on London's second-tier stock market.
The company, established in 2001 as a spin-out from Queen's University, currently employs 25 people providing specialist antibody engineering services to the world's largest drug manufacturers.
It is seeking a listing on the Alternative Investment Market to fund the expansion of their site on the Springbank industrial estate, where it hopes to double it footprint and increase staff numbers to 50 over the next two years.
The company proposes to raise approximately £5.5 million via a conditional placing. It is expected that admission to trading on AIM will become effective at 8am on Monday December 18, and it is expected to have a market capitalisation on admission of around £18.1 million.
Fusion is hoping to imitate Northern Ireland's two other publicly-listed (both software) companies on the London Stock Exchange - First Derivatives (listed on AIM with a market capitalisation of £930m) and Kainos Group (listed on the main market with a capitalisation of around £370m).
The company's chief executive Dr Paul Kerr said: “We're pleased with the level of interest generated from new institutional investors in support of our AIM listing.
"When concluded we anticipate the placing to be oversubscribed and this demonstrates the strong support for our business strategy as we continue to invest in further growth across the business."
He added: “We have established Fusion as a one-stop-shop for antibody engineering and humanisation, and cell line development for the world's largest developers of antibody-based therapeutics drugs and diagnostics.
"We already have our first humanisation project in clinical trials and expect more to follow, and continue to grow the business having established a healthy forward order book.
"The move to AIM and the additional funding will allow us to continue this growth trajectory by expanding our capacity and developing our offering of new, high value, market differentiating products.”