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Trading statements

Abzena in line with forecasts

21 February 2017 09:05

Abzena expects group revenue for the full year to the end of March to be in line with the board's forecasts.

The group said the UK business operated strongly, offsetting the lower than expected growth in the US operations.

It said costs from enhancing the US businesses to support long-term growth, including the investment capex, were above the board's prior expectations when translated into sterling, but positioned the business favourably for selling its integrated biopharmaceutical development services.

Chief executive Dr John Burt said: "We are seeing good progress both within our services business and across our 'Abzena inside' portfolio.

"This strong momentum in top line growth from the first half has continued, driven by demand for our integrated services across the breadth of the biopharmaceutical development process.

"Our strategy of investing in future capacity will ensure our ability to provide quality service for this high level of customer need as our partners' programmes progress.

"We continue to explore funding options to enable us to maintain this level of growth and to continue to expand our biomanufacturing capacity and capabilities."

Abzena also announced that it has signed a manufacturing agreement with University College London.

Under the agreement, Abzena will manufacture Magacizumab, an antibody created using the 'Abzena inside' Composite Human Antibody technology.

Under earlier agreements with UCL, Abzena conducted the antibody humanisation and developed the manufacturing cell line for Magacizumab.

In this latest service agreement Abzena will manufacture Magacizumab at its biomanufacturing facility in San Diego.

This programme is the first to proceed with Abzena through each of the phases of humanisation, cell line development and into manufacture, thus illustrating Abzena's expanded capabilities in the discovery, development and manufacture of biopharmaceutical products for its partners across its UK and US operations.

At 9:05am: (LON:ABZA) Abzena Plc share price was -1.25p at 38.25p

Story provided by StockMarketWire.com

Related Company: ABZA

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