Fusion Antibodies enters deal to transfer IP to client

(Sharecast News) - Fusion Antibodies said on Monday that it has entered into an agreement to transfer ownership of certain background intellectual property to an existing client, generating a one-off payment and supporting continued collaboration on antibody development. The AIM-traded antibody discovery specialist said the agreement with Finn Therapeutics covered a novel rabbit antibody and included associated rights extending to humanised sequences.

Under the terms of the deal, Fusion would receive a one-off payment of £250,000, which would be recognised in the current financial year ending 31 March.

The company said the transfer of IP ownership was expected to support the client's fundraising efforts, with tailored payment terms agreed to facilitate this process.

Fusion added that the client had already placed multiple projects with the group and intended to continue doing so as development of the humanised antibody progresses.

"We are delighted with the progress that has been made with this molecule and its derivatives," said chief executive Adrian Kinkaid.

"We recognise the challenging investment conditions many small biotechnology companies face at this time and are keen to support our clients with creative deal solutions such as this."

Finn Therapeutics chief executive Paul Kerr said the agreement represented "a significant de-risking event that streamlines our fundraising and accelerates our path to clinical entry," adding that the company looked forward to continuing its relationship with Fusion as it advanced the oncology candidate.

At 1218 BST, shares in Fusion Antibodies were up 1.02% at 12.88p.

Reporting by Josh White for Sharecast.com.

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