Belfast Group Aims to Create Jobs with Invest NI Support
Details and information
A Contract Research Organization based in Belfast which is listed on the London Stock Exchange’s AIM has an aim of creating jobs after obtaining receipt of extra grants from Invest NI. Fusion Antibodies, presently provides a wide range of engineering services for developing antibodies for diagnostic applications and therapeutic drug. It received a letter from Invest NI regarding selective financial assistance. There were terms in it entitling the company to get grants to the maximum of £213,000. These funds will help in creating 28 jobs and also extend support to business development in the next two years.
Financial Assistance Agreement
Invest NI is the agency in Northern Ireland, which works for regional business development. It provides support to local businesses and has supported Fusion Antibodies, for a long time. It is also a significant shareholder in it. The SFA Letter puts forward the terms of the fresh Financial Assistance Agreement between Invest NI and the company. It will expire in Nov 2020. The agreement, mentions that £168,000 of the grants is employment grant where the company can get a payment of £6,000 for an extra worker. This is applicable when an employee is hired in the next two years.
The 28 extra jobs, in case they are all filled up, will take the strength of the workforce to 55. It is a part of the investment program of the company to attain future growth. Moreover, £45,000 grants, will support business development to grow the international customer base of Fusion.
Grainne McVeigh, Director Life Sciences, Invest NI stated that this expansion serves as a milestone for Fusion Antibodies. It is a dynamic group of companies which helps in the growth of the Life and Health Sciences sector.
Invest NI has worked in cooperation with the business and it is a matter of happiness to help Fusion Antibodies. This will boost the workforce, target fresh market opportunities with drug development and diagnostics companies in the world.
Paul Kerr, Chief Executive, Fusion Antibodies, stated that such grants help in expanding their team. Through this it will increase the capacity of the office space and laboratory two folds. The work will be completed by summer end before the ending of original schedule.
The role of new employees
Among the new employees there will be technically skilled staff who will work to deliver existing services to bio-pharmaceutical companies. There will also be a few scientists having special skills to work in the new product development team to establish the Antibody Affinity Maturation Service. Additionally they will create a library for mammalian antibodies. Furthermore, the growth strategy has a focus on refreshing and expanding business development and sales, which will benefit owing to more funds.
Fusion Antibodies, founded in 2001- provides services to diagnostics and bio-pharmaceutical companies, dealing in developing antibodies for therapeutic drug and diagnostic applications.