- Pharmaceutical company Fusion Antibodies reported wider losses as revenues fell by nearly a fifth amid a ramp up in competition during the year.

For the year ended 31 March 2019, pre-tax losses widened to £1.5m from a loss of £0.7m last year and revenues fell 19% to £2.2m.

The company said that it remained 'confident that order levels seen in the second half of FY 2019 can be maintained in FY 2020 augmented by new orders for the RAMPTM service, such that significant revenue growth is achievable in the current financial year.'

'We have had a strong improvement during the second half of the year which has been due to a significant increase in orders and revenues. This has been achieved by a mix of factors including addressing the external competitive pressures seen during H2 FY 2018 and H1 FY 2019 and expanding and improving the quality of the Company's business development and marketing function,' said Paul Kerr, CEO of Fusion Antibodies.

'We are encouraged to see some good initial interest from potential customers in our new RAMPTM technology which will enable customers to improve the performance of many of their antibody based drugs. We are excited about the next 12 months and are grateful to our shareholders for their continued support.'

At 9:30am: [LON:FAB] Fusion Antibodies Plc Ord 4p share price was +14p at 67.5p

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