Fusion Antibodies shares surge on positive update

Fusion Antibodies shares surge on positive update

Fusion Antibodies PLC shares (LON: FAB) surged 40.54% on Friday after the group provided an update on research and development.

The group, which specializes in pre-clinical antibody discovery, has revealed that it is continuing to progress according to plan and has made progress on the design of Coronavirus spike proteins.

Fusion Antibodies’ antigen manufacturing capabilities means that the group has been able to express high-purity antigens on a commercially viable scale for the development of diagnostic tests. The group is offering these antigens on a commercial basis to companies and researchers across the world.

“We are committed to developing the highest quality reagents to be used in the fight against COVID-19,” said Dr Richard Buick, CTO of Fusion Antibodies.

“Recent lab studies have shown that results using our antigens correlate 100% with clinical data from patients infected with SARS-CoV-2. We are using these high quality antigens to pan our human antibody library for SARS-CoV-2 neutralising antibodies, and we are delighted to now be able to make these antigens available to companies and researchers around the world to Test, Track & Trace this disease.”

The group’s chief executive, Paul Kerr, commented: “According to the FDA, antigen tests will play a critical role in the fight against COVID-19 and like many other companies within the antibody world at large, we are leveraging our antigen expertise to create multiple antigens to be used against the COVID-19 pandemic.”

Fusion Antibodies shares (LON: FAB) are currently trading +39.19% at 128,75 (1015GMT).