REG - Allergy Therapeutics - Update on funding

Allergy TherapeuticsAnnouncement

27/03/2024 07:00

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RNS Number : 4179I  Allergy Therapeutics PLC  27 March 2024

 

Allergy Therapeutics plc

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

 

Update on funding

 

27 March 2024 Allergy Therapeutics plc (AIM: AGY), the integrated commercial
biotechnology company specialising in allergy vaccines, today announces an
update on the Group's working capital position.

 

Following discussions with major shareholders SkyGem Acquisition Limited (an
affiliate of ZQ Capital Management Limited) and Southern Fox Investments
Limited (together the "Lenders"), the Lenders have agreed that a further £15m
from the existing £40m amended loan facility (the "Amended Loan Facility"),
details of which were announced on 27 December 2023, may be drawn down from Q2
calendar year 2024.

 

As a consequence, the Group has successfully extended its cash runway into Q1
FY2025.

 

In addition and pursuant to the terms of the Amended Loan Facility and
associated warrant instrument the Company will issue warrants to the Lenders
following each drawdown under the Amended Loan Facility, entitling the holders
to subscribe for new ordinary shares at a price of 4 pence per share. The
entitlement to warrants will be 25 warrants for each £1 drawn down under the
Amended Loan Facility with a maximum of 1,000,000,000 warrants. The warrants
will be exercisable in whole or in part from 1 July 2024 until 15 January
2027.

 

Ongoing discussions surrounding further funding, coupled with the financing
and loans notes provided by major shareholders underline the confidence held
in the Group and the future potential that can be leveraged from the R&D
pipeline.

 

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

 

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

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