Allergy Therapeutics plc
("Allergy Therapeutics", "ATL" or the "Group")
Half Year Trading Update & Notice of Results - Replacement
This announcement replaces an earlier version (RNS 9580Z), correcting 'December 2020' in the first paragraph to 'December 2019'.
All other details remain unchanged and the full amended text is shown below.
- Strong earnings and market share continues to grow
- Record cash position reflecting continuous performance improvement
16 January 2020 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, today provides a trading update for the six months ended 31 December 2019 ahead of its Half Year Results to be announced on 4 March 2020.
Reported revenues for the six months ended 31 December 2019 are expected to have grown to £50.5m (2018: £46.7m) representing 9% growth on a constant currency basis (8% on reported basis). The Group is trading in line with Board expectations. Geographically, there was growth across all major countries with the best performances in Germany, Spain, Netherlands and Switzerland. Product wise, Pollinex Quattro and Venomil continued to progress well, along with Pollinex, driven by superior technology and a robust supply chain. The Group continued to gain market share in Germany.1
The cash balance at the end of December 2019 was £39.7m (31 December 2018: £31.6m) which includes the £3.2m received in settlement of legal costs relating to the litigation with Inflamax.
On current assumptions, the Group will be able to fund the Grass MATA MPL Phase III trial currently planned for later this year from existing resources.
In reference to the Grass MATA MPL Phase III trial, the Group confirms that it is on track to start the screening for the first stage of the study during summer 2020, which will be executed in the USA and the EU. The design of this study in a stepwise approach (as communicated in November 2019) incorporates the lessons learned during the analysis of the Birch MATA MPL study. The Group has now completed and submitted its final report in relation to the Birch trial and is in dialogue with the correspondent regulatory authority with regards to that product.
Finally, in reference to the development of its peanut vaccine, following the scale up process of pre-clinical materials, GMP batches for commercial development have now commenced. The Group has support from regulatory authorities to proceed to Phase I which will follow submission of the clinical trial application, including the GMP batch data package.
Manuel Llobet, CEO at Allergy Therapeutics, stated: "This represents another six months of consistent growth reflecting the quality of our platform and our team. Despite an evolving regulatory environment, we continue to perform well and we have great confidence in our commercial abilities and clinical pipeline."
1Insight Health Data November 2019
This announcement contains inside information for the purposes of Article 7 of Regulatory (EU) No596/2014.
- ENDS -
For further information, please contact:
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Erik Anderson, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / David Daley / Nicholas Brown / Olivia Manser
Stern Investor Relations, Inc.
+1 212 362 1200
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company 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 include vaccines for grass, tree and house dust mite, and peanut allergy vaccine in pre-clinical development. Adjuvant systems to boost performance of vaccines outside allergy are also in development.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with more than 11,000m2 of state-of-the-art MHRA-approved manufacturing facilities and laboratories. The Group, which has achieved over 9% compound annual growth since formation, employs c.500 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.