Allergy Therapeutics: Earnings growth and record cash position
AIM-listed Allergy Therapeutics plc has today announced continued revenue and market share growth in a half year trading update released to the market today. Reported revenues are expected to have increased to c.£50.5m representing 9% growth on a constant currency basis. Geographically, all the major countries performed strongly with gains in market share in the key German market. Product wise, Pollinex, Pollinex Quattro and Venomil continued to perform well.
The cash balance at the end of December 2019 was £39.7m. The board expects to be able to fund the Grass MATA MPL Phase III trial currently planned for later this year from existing funds. With regards to this trial, the group is on track to start the screening for the first stage of the study during summer 2020, which will be undertaken both in the USA and the EU.
With regards to the company’s 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, commented:
“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.”
ALLERGY THERAPEUTICS 2019 FULL YEAR FINANCIAL RESULTS VIDEO
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