Crescent-, Viridian-backed Fusion Antibodies to list on AIM

Financial details of the listing are yet to be revealed, though according to a filing on the London stock exchange website, the business is anticipating its first date of trading to be 20 December 2017.

According to The Sunday Times, the business is anticipating a market cap of £18.5m in the IPO and is hoping to raise £5m in proceeds. The proceeds will reportedly be used to invest in Fusion's laboratories and manufacturing capabilities.

Prior to listing, Crescent holds a 17.24% stake in the company, while Viridian holds an 11.91% stake.

The business first received VC backing in 2004, according to unquote" data, when Clarendnon Fund Managers led a £420,000 early-stage funding round. Clarendon then led an additional £1.18m round for the company in November 2006, before Crescent led an £810,000 round in July 2007.

Fusion is headquartered in Belfast and was founded in 2001 as a spinout from Queen's University Belfast. The business operates as a contract research organisation and develops antibodies for therapeutic drug and diagnostic applications.

Fusion generated a turnover of £1.9m in the year ending March 2017, according to publicly available documents, with an operating profit of £127,000.

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