[June 13, 2017] |
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Full Year Results: Integration and Growth Seen across the Group, with 41% Underlying Increase in Revenues
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
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Integration of Abzena's service offering for biopharmaceutical
development and manufacturing across three sites in UK and US
delivering expected revenue synergies
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Licence deal with US biopharma for ThioBridge™ ADC (News - Alert) technology for up
to 10 products, with potential to deliver $300m in licence fees and
milestone payments plus royalties
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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
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Executive management team strengthened with appointment of Chief
Business Officer and President, Abzena (US)
Financial summary
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Revenue increased 89% to £18.7 million (FY16: £9.9 million)
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Underlying revenue growth of 41% (Proforma FY16: £13.3 million)
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Increased administrative expenses due to expansion of the Group,
particularly in US
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Research & development expenditure reduced to £3.8 million (FY16: £4.2
million) as business increases focus on service business
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EBITDA loss reduced 17% to £7.9 million (FY16: £9.5 million)
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Reported loss reduced 6% to £9.1 million (FY16: £9.7 million)
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Cash at year end of £4.1 million (FY16: £13.7 million)
Post-period events
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Raised £23.9 million (net of expenses) to fund investment and growth
plan to accelerae transition to profitability
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Composite Human Antibody licence deal signed with public US biotech
company with potential to deliver
$19 million milestone payments
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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):
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Immunology research studies, including immunogenicity assessment of
candidate biopharmaceutical products;
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Protein engineering to create humanized antibodies and deimmunised
therapeutic proteins;
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Cell line development for the manufacture of recombinant proteins and
antibodies;
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Contract process development and GMP manufacture of
biopharmaceuticals, including monoclonal antibodies and recombinant
proteins for preclinical and clinical studies;
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Contract synthetic chemistry and bioconjugation research services,
focused on antibody-drug conjugates (ADCs);
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Proprietary site-specific conjugation technologies and novel payloads
for ADC development; and
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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/
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