Northern Ireland

Belfast's Fusion Antibodies in London shares move

Biotech lab Image copyright Reuters
Image caption Fusion Antibodies was formed out of Queen's University in 2001 and works with several global pharmaceutical companies

A Belfast biotech company aims to raise £5.5m to fund its expansion by floating on the London Stock Exchange.

Fusion Antibodies will use part of the proceeds to double the size of its laboratory in the Springbank Industrial Estate.

Currently employing 25 people, it was formed out of Queen's University in 2001 and works with several global pharmaceutical companies.

It hopes to double its workforce within two years.

Next week's share floatation is on the Alternative Investment Market (AIM).

Fusion is aiming to emulate Northern Ireland's two publicly-listed companies - Newry's First Derivatives, also on the AIM, and Belfast-based Kainos.

Existing investors in the company include Invest NI and Crescent Capital.

Dr Paul Kerr, chief executive of Fusion, said he was very pleased with the level of interest in the share move.

"When concluded, we anticipate the placing to be oversubscribed and this demonstrates strong support for our business strategy," he said.

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