Fusion Antibodies PLC on Wednesday announced the approval of a grant funding application to The Northern Ireland Precision Biomarkers & Therapeutics consortium, of which it is a member.

Fusion is a Belfast-based contract researcher that provides discovery, design and optimisation services for therapeutic antibodies to the healthcare market.

Fusion said the grant will provide it with access to approximately £1 million of direct funding for research & development initiatives.

Additionally, the grant will provide access to up to £5 million of capital equipment, 20 core staff, laboratories and office space, as well as new PhD scholarships.

The grant will be provided by UK Research & Innovation and Invest Northern Ireland.

Fusion Chief Executive Officer Adrian Kinkaid commented: ‘It is particularly gratifying to see the consortium gain approval for this substantial Grant which recognises Northern Ireland’s excellence in life sciences, including therapeutics and diagnostics, and the significant role Fusion plays in the region’s life sciences sector.’

Fusion shares were up 38% at 5.80 pence each in London on Wednesday afternoon.

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