Full Year Results: Integration and Growth Seen across the Group, with 41% Underlying Increase in Revenues
June 13 2017 - 2:02AM
Business Wire
Abzena plc (AIM: ABZA, ‘Abzena’ or the ‘Group’), a life sciences
group providing services and technologies enabling the development
and manufacture of biopharmaceutical products, has published its
full year results for the year to 31 March 2017.
Corporate highlights
- Integration of Abzena’s service
offering for biopharmaceutical development and manufacturing across
three sites in UK and US delivering expected revenue synergies
- Licence deal with US biopharma for
ThioBridge™ ADC technology for up to 10 products, with potential to
deliver $300m in licence fees and milestone payments plus
royalties
- Maturation of ABZENA Inside clinical
stage partner product portfolio with five Phase II products,
including three with major biopharma companies, in addition to
Gilead’s andecaliximab (formerly GS-5745) in Phase III gastric
cancer study as well as Phase II studies in two further
indications
- Executive management team strengthened
with appointment of Chief Business Officer and President, Abzena
(US)
Financial summary
- Revenue increased 89% to £18.7 million
(FY16: £9.9 million)
- Underlying revenue growth of 41%
(Proforma FY16: £13.3 million)
- Increased administrative expenses due
to expansion of the Group, particularly in US
- Research & development expenditure
reduced to £3.8 million (FY16: £4.2 million) as business increases
focus on service business
- EBITDA loss reduced 17% to £7.9 million
(FY16: £9.5 million)
- Reported loss reduced 6% to £9.1
million (FY16: £9.7 million)
- Cash at year end of £4.1 million (FY16:
£13.7 million)
Post-period events
- Raised £23.9 million (net of expenses)
to fund investment and growth plan to accelerate transition to
profitability
- Composite Human Antibody licence deal
signed with public US biotech company with potential to deliver$19
million milestone payments
- Bioverativ’s agreement to acquire True
North Therapeutics and its ABZENA Inside product TNT009, for
consideration of up to $825 million
John Burt, CEO of Abzena, commented:
“The past 12 months have been a combination of integration and
preparing the Group for significant growth.
“Integration of our US sites into the Abzena Group is starting
to deliver the expected revenue synergies. We are increasingly
seeing our partners utilise our services on a repeat basis and
engage with the range of services across the domains of biology,
chemistry and manufacturing. The business now has a solid platform
from which to expand.
“The recent fund raising from current and new investors gives us
the means to establish the capacity to meet the increasing demand
for our integrated services and will accelerate our progress
towards profitability.”
For the full release, please visit the company website at
www.abzena.com
About Abzena
Abzena (AIM: ABZA) provides proprietary technologies and
complementary services to enable the development and manufacture of
biopharmaceutical products.
The term ‘ABZENA Inside’ is used by Abzena to describe products
that have been created using its proprietary technologies and are
being developed by its partners, and include Composite Human
Antibodies™ and ThioBridge™ Antibody Drug Conjugates (ADCs). Abzena
has the potential to earn future licence fees, milestone payments
and/or royalties on ‘ABZENA Inside’ products.
Abzena offers the following services and technologies across its
principal sites in Cambridge (UK), San Diego, California (USA) and
Bristol, Pennsylvania (USA):
- Immunology research studies, including
immunogenicity assessment of candidate biopharmaceutical
products;
- Protein engineering to create humanized
antibodies and deimmunised therapeutic proteins;
- Cell line development for the
manufacture of recombinant proteins and antibodies;
- Contract process development and GMP
manufacture of biopharmaceuticals, including monoclonal antibodies
and recombinant proteins for preclinical and clinical studies;
- Contract synthetic chemistry and
bioconjugation research services, focused on antibody-drug
conjugates (ADCs);
- Proprietary site-specific conjugation
technologies and novel payloads for ADC development; and
- GMP manufacturer of ADC linkers,
payloads & combined linker-payloads.
For more information, please see www.abzena.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170612006378/en/
Abzena plcJohn Burt, +44 1223 903498Chief
Executive OfficerorJulian Smith, +44 1223 903498Chief
Financial OfficerorNumis (Nominated Adviser and Broker)Clare
Terlouw / James Black / Paul Gillam, +44 20 7260
1000orN+1 Singer (Joint Broker)Aubrey Powell / Liz Yong,
+44 20 7496 3000orInstinctif PartnersMelanie Toyne
Sewell / Alex Shaw, +44 20 7457
2020abzena@instinctif.com
Abzena (LSE:ABZA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abzena (LSE:ABZA)
Historical Stock Chart
From Apr 2023 to Apr 2024