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Allergy Therapeutics plc Preliminary Results for the Year Ended 30 June 2012


9/17/2012 9:59:08 AM

17 September 2012 -- Allergy Therapeutics plc (AIM: “AGY” or the “Company”), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, announces its Preliminary Results for the year ended 30 June 2012.

Highlights

· US Clinical hold lifted on Pollinex®

Quattro Grass 0.5ml (Pollinex Quattro) and approval to progress

with a Phase III efficacy study, to be conducted in an Environmental Exposure Chamber (“EEC”)

· Gross Revenue (before rebate) £43.8 million (2011: £43.0 million) 2.0% higher

· Pollinex Quattro sales grew by 2.8% to £21.4 million (2011: £20.9 million) at constant currency

· Gross sales increased 9.3% in non-German markets at constant currency

· Operating profit higher at £1.1 million (2011: £0.1 million)

· Profit after interest and tax higher at £0.8 million (2011: £2.7 million loss)

· Submitted complete response to the Paul Ehrlich Institute ("PEI") for Pollinex® Quattro Complete Grass in Germany

· Successful Placing and Subscription of New Ordinary Shares, issue of Convertible Loan Notes and an Offer to Qualifying Participants of New Ordinary Shares raising £13.3 million gross

· Substantial reduction in net debt to £0.6 million (2011: £14.1 million)

Manuel Llobet, Chief Executive Officer, commented:

“The financial results for the year highlight a solid performance particularly in the UK, Austria, Ireland and Italy, while on the product front Pollinex Quattro in Europe continues to gain traction in a number of territories. Our belief that the UK market represents an opportunity for further growth underpins our investment in expanding that sales team.

“The lifting of the clinical hold by the US FDA for our Pollinex Quattro Grass product is a significant event and milestone for the Company. We can now commence a pivotal clinical trial programme for the product, which is obviously a major step towards registering the product in the United States. In order to fully exploit this opportunity we are in the process of identifying a suitable development and commercialisation partner for that territory.

“Our strategy of product diversification and geographical expansion is reflected in this year’s results. We have shown expansion into South America, with shipping of initial supplies of vaccines to Colombia, Chile, Argentina and most recently, Venezuela. We continue to develop these markets.

“Our prospects remain positive, particularly given the lifting of the clinical hold in the US and the anticipated reply from the Paul-Ehrlich Institute (PEI) before the end of the calendar year, both of which bode well for our continued growth.”

For further information

Allergy Therapeutics +44 (0) 1903 845 820

Manuel Llobet, Chief Executive Officer

Ian Postlethwaite, Finance Director

www.allergytherapeutics.com

Nomura Code Securities +44 (0) 207 776 1200

Juliet Thompson/ Clare Terlouw

FTI Consulting +44 (0) 207 831 3113

Simon Conway / Susan Stuart


Read at BioSpace.com

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