REG - Allergy Therapeutics - Half-Year Trading Update 2023

Allergy TherapeuticsAnnouncement

20/01/2023 07:00

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RNS Number : 3343N  Allergy Therapeutics PLC  20 January 2023

 

Allergy Therapeutics plc

("Allergy Therapeutics", the "Group" or the "Company")

 

Half-Year Trading Update 2023

 

20 January 2023: Allergy Therapeutics plc (AIM: AGY), the fully integrated
commercial biotechnology company specialising in allergy vaccines, is today
providing a trading update for the six months ended 31 December 2022.

 

The Group expects revenue for the six months ended 31 December 2022 to be
£39.9m (2021: £48.7m) representing a reduction of 18% compared to last
year. This decrease in revenue is primarily due to the previously announced
voluntary short-term pause in production in the UK, together with the previous
strategic streamlining of some older products in the portfolio. In the second
half of the financial year, the Group expects sales to continue at a similar
level compared to last year, before recovering in the next financial year.

 

The cash balance at 31 December 2022 was £15.2m (30 June 2022: £20.5m).
Pursuant to the subscription and debt financing announced on 29 September
2022, the Company has received £7m from the issue of new ordinary shares and
expects to receive £10m from the issue of loan notes on 28 February 2023.

 

As previously announced, the Company is reviewing funding options following
the temporary pause in production that has resulted in the need for additional
near-term funding. The Company is increasingly confident that its funding
discussions will result in a positive outcome and will update the market in
due course.

 

The Company is actively working to finalise the audit and publication of its
annual report and accounts for the year ended 30 June 2022 and will update the
market in due course.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulations.

 

-  ENDS -

 

For further information, please contact:

 

Allergy Therapeutics

+44 (0)1903 845 820

Manuel Llobet, Chief Executive Officer

Martin Hopcroft, Interim Chief Financial Officer

 

Panmure Gordon (Nominated Adviser and Broker)

+44 (0)20 7886 2500

Freddy Crossley, Emma Earl, Corporate Finance

Rupert Dearden, Corporate Broking

 

Consilium Strategic Communications

+44 (0)20 3709 5700

Mary-Jane Elliott / David Daley / Davide Salvi

allergytherapeutics@consilium-comms.com
(mailto:allergytherapeutics@consilium-comms.com)

 

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
(http://www.allergytherapeutics.com) .

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