Fusion Antibodies confirms £0.28m tax credit

(Sharecast News) - Preclinical antibody discovery specialist Fusion Antibodies announced the successful receipt of a research and development tax credit from HMRC on Thursday. The AIM-traded firm said the tax credit pertained to the financial year ended 31 March 2023, and was attributed to its efforts in advancing and refining the 'OptiMAL' platform, along with other endeavours in bioinformatics, antigen design, and cell culture.

It said the awarded tax credit met its expectations, amounting to almost £0.28m.

"The research and development tax credit system is of enormous benefit to companies developing cutting edge technologies such as we continue to do at Fusion," said chief executive officer Adrian Kinkaid.

"We are now beginning to reap the benefits of the resultant technology platforms with an elevated profile in our field and anticipate considerable commercial growth to be generated from them in the coming years."

At 1543 GMT, shares in Fusion Antibodies were up 1.05% at 4.8p.

Reporting by Josh White for Sharecast.com.