Belfast, 25 July 2007 - Fusion Antibodies Ltd., a biotechnology company, focused on the discovery, development and commercialisation of antibody-based therapeutics for cancer, has announced that it has raised £1.2 million (€1.8 million) in a recent financing round. The round included a group of new and existing investors including Crescent Capital, Viridian Growth Fund, QUBIS Ltd., University Challenge Fund and Invest Northern Ireland.

Professor Sir John Cadogan, Chairman of Fusion Antibodies said: “This further investment is a welcome and significant measure of support from our existing and new investors, particularly Crescent and Invest Northern Ireland. Their involvement highlights the confidence in Fusion, underlining the potential of our approach to developing novel cancer therapeutics.”

The investment will be used to develop the Company’s leading programmes through later stage preclinical development, thus strengthening the company’s pipeline of therapeutic antibodies. The latest data with the companies leading drug shows great potential in tumour regression.

Commenting on the financing, Dr. Simon Douglas, CEO of Fusion Antibodies said: “We are extremely pleased to have secured this financing round, which will enable Fusion to progress its antibody treatments for cancer. We will look to secure further fundraising and partnering in the future in order to take our programmes into phase I clinical trials.”

In addition to the funding round Fusion has been awarded a £400,000 grant towards their research program through the Invest Northern Ireland START programme. START aims to increase the level of industrial level research and development carried out by local businesses and universities.