TIDMAGY
RNS Number : 4686L
Allergy Therapeutics PLC
13 January 2021
Allergy Therapeutics plc
("Allergy Therapeutics", "ATL" or the "Group")
Half Year Trading Update 2021 and Notice of Results
- Robust sales growth over challenging period
- Record cash position
- Initial Grass MATA MPL Phase III trial progressing well
- Encouraging trial results for ImmunoBON which will be launched in Germany in January
13 January 2021 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 2020 ahead of its Half Year Results to be announced on
3 March 2021.
Financials
The Group is trading in line with Board expectations, with
reported revenues for the six months ended 31 December 2020 having
grown to GBP54.0m (2019: GBP50.5m), representing 7% growth on a
reported basis ( 5% on constant currency basis), despite the
challenges of COVID-19. Geographically, there was growth across
most major countries with the best performances in Germany,
Austria, Netherlands and Switzerland. Sales of Pollinex Quattro and
Pollinex continued to progress well, driven by superior technology
and a strong sales and marketing team.
The Group has continued to generate good cash conversion, with a
record cash balance at the end of December 2020 of GBP48.3m (31
December 2019: GBP39.7m).
On current internal assumptions, the Group will be able to fund
the Grass MATA MPL Phase III trials, as well as the peanut allergy
vaccine candidate Phase I trial, from existing resources.
Regulatory
The Group is progressing well with recruitment and treatment of
patients in the exploratory field study (G309) of the Grass MATA
MPL development programme, which began in October 2020 and is being
executed in the USA and the EU. The design of this development
programme supports a phased Phase III approach (as communicated in
November 2019) and incorporates the lessons learned from previous
trials. Results from the exploratory field study are expected in
the autumn of 2021.
The results of a successful allergy trial in a challenge chamber
for ImmunoBon, our protein-based oral product for the general
treatment of allergies which we acquired exclusive rights to in
2020, were published in the World Allergy Organisation Journal(1)
earlier this month. These show a significant improvement compared
to baseline, while maintaining an excellent safety and tolerability
profile. The product will be launched in Germany in January
2021.
Finally, as announced earlier this month, the ex-vivo study with
VLP Peanut, evaluating an innovative panel of biomarkers using
blood samples from peanut allergic patients has started, in
collaboration with Imperial College London. The results of this
study are expected in the spring of 2021.
Board
After 17 years, Steve Smith has stated his intention to step
down as a Non-Executive Director at the AGM in November. Steve has
played a pivotal and very successful role in the development of the
business over the years and his valued contribution will be
missed.
Manuel Llobet, CEO at Allergy Therapeutics , stated: "The
trading results for the first six months of the year reflect the
robust growth by the business despite the continuing challenges of
COVID-19. This shows the strength of the business and commitment of
our staff. Our research and development strategy is developing
well, with excellent progress in our Grass MATA MPL Phase III
development programme, the initiation of the ex-vivo peanut study
and strong results from the ImmunoBON challenge chamber trial. We
have much to look forward to in the calendar year 2021, with the
submission of the Investigational new Drug Application for our
peanut allergy vaccine candidate and results from the Grass
exploratory field study."
Peter Jensen, Chairman at Allergy Therapeutics, stated: "I would
like to thank Steve Smith for his commitment, wise counsel and
attention to detail, during his long tenure on the Board of Allergy
Therapeutics. Steve joined the Board when the company floated in
2004 and his contribution over the last 17 years has been
outstanding."
(1) World Allergy Organisation Journal, January 2021
This announcement contains inside information for the purposes
of Article 7 of Regulatory (EU) No596/2014.
- ENDS -
For further information, please contact:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer
Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Rupert Dearden, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / David Daley / Ashley Tapp / Olivia
Manser
allergytherapeutics@consilium-comms.com
Stern Investor Relations, Inc.
+1 212 362 1200
Christina Tartaglia
christina@sternir.com
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 11,000m(2) 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 .
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