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Contract Research Organisation Fusion Antibodies reported wider losses in the first half of the year as higher research and development costs offset a rise in revenue.
For the six months ended 30 September 2021, pre-tax losses widened to £651,000 from £572,000 last year, while revenue increased to £2.4 million from £1.9 million.
'R&D expenditure in H1 FY2022 was £424,000, an increase of more than 50% over the comparable period in FY2021, reflecting the investment, in particular, in the library project,' the company said.
Following the two major contracts which were secured in H1, the company said it had confidence that revenues for the full year will be in line with current expectations.