Allergy Therapeutics plc
("Allergy Therapeutics", the "Group" or "Company")
Update on funding
6 November 2023 Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, today announces a positive update on the Group's working capital position. Following the release of its unaudited preliminary results on 27 September 2023 for the year ended 30 June 2023, the Group has continued to work on initiatives to enhance cost control and manage working capital alongside trading broadly in line with expectations for the current financial year to date. As a consequence, the Group has extended its cash runway and now expects to require additional funding by the end of December 2023.
Since the completion of the subscription and open offer, announced on 13 October 2023, discussions with certain major shareholders have progressed. Whilst there are currently no firm commitments in place to provide further funding, discussions are continuing positively.
The Pivotal Phase III Grass G306 MATA MPL trial remains on track to report interim trial results in November 2023.
ENDS
For further information, please contact:
Allergy Therapeutics
Manuel Llobet, Chief Executive Officer
Shaun Furlong, Chief Financial Officer
+44 (0)1903 845 820
Panmure Gordon (Nominated Adviser and Broker)
Emma Earl, Freddy Crossley, Mark Rogers, Corporate Finance
Rupert Dearden, Corporate Broking
+44 (0)20 7886 2500
ICR Consilium
Mary-Jane Elliott / David Daley / Davide Salvi
+44 (0)20 3709 5700
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapy vaccines that have the potential to cure disease. The Group sells proprietary and third-party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. Its broad pipeline of products in clinical development includes vaccines for grass, tree, house dust mite and peanut. For more information, please see www.allergytherapeutics.com.
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