Fusion Antibodies shares have continued a rip-roaring rally after announcing an agreement with the US National Cancer Institute.
Fusion shares added another 15% on Wednesday after more than doubling yesterday. The company’s stock is up in excess of 150% over the past five trading sessions.
Fusion Antibodies has signed a 2-year agreement with the National Cancer Institute (NCI) to use Fusion’s OptiMAL technology to discover novel antibodies against cancer targets selected by NCI.
Under the agreement, Fusion will provide NCI access to OptiMAL to develop potential therapeutic antibodies against an agreed number of primarily cancer targets.
The parties will collaborate to ensure successful validation of OptiMAL and may jointly publish results.
Validation will occur at NCI labs by NCI staff. Any identified antibodies would be retained by NCI, part of the US National Institutes of Health and the leading US government agency for cancer research and training.
The deal represents a major validation of Fusion’s OptiMAL technology and presents an opportunity to test it in conjunction with a world-class institution, without major cost to Fusion.
Adrian Kinkaid, CEO of Fusion Antibodies, commented:
“At the time of our fundraise in May, we said that we would be seeking the support of third parties to continue to progress the delivery of OptiMAL®. We are delighted to have been able to secure a partner with the expertise of NCI to provide validation to the technology without Fusion being required to commit significant resource to the project.”