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Allergy Therapeutics plc Release: Interim Report for the Six Months Ended 31 December 2012



3/25/2013 10:12:18 AM

March 25, 2013 -- Allergy Therapeutics plc (AIM: AGY), the fully integrated speciality pharmaceutical company specialising in allergy vaccines, announces the interim results for the six months ended 31 December 2012.

Highlights

-- Revenue £25.7m (H1 2012: £28.5m) impacted principally by foreign exchange movements

-- At constant currency gross revenue (excludes rebate) £29.8m (H1 2012: £29.8m)

o Revenue outside of Germany (excluding milestones) increased 5% at constant currency to £9.8m (H1 2012: £9.4m)

- Decline in gross revenues (before rebate) in Germany of 6% at constant currency to £19.2m (H1 2012: £20.4m)

-- Cash Balance improved to £3.5m (H1 2012: £2.0m) with no bank debt (H1 2012: £9.4m)

-- FDA Clinical Hold Lifted in August 2012 on Company’s grass pollen allergy vaccine (Grass MATA MPL/ Pollinex® Quattro Grass 0.5ml)

- Partnering strategy underway to commercialise Pollinex® Quattro in US

-- Pollinex® Ragweed distribution agreement signed with Paladin Labs, in Canada in December 2012

Post-period events

-- US Patent approved for sublingual administration of MPL adjuvant and vaccine antigens in March 2013

Manuel Llobet, Chief Executive Officer, commented:

“During the first half of the Company’s fiscal year, Allergy Therapeutics achieved a major strategic objective, namely the lifting of the clinical hold on Pollinex® Quattro Grass 0.5ml by the FDA. This vaccine has the potential to transform allergy treatment in the US, providing a short-course, safe, and effective vaccination to allergic rhinitis sufferers. Discussions are continuing with potential partners to help develop and commercialise Pollinex® Quattro in the important and currently poorly served US market. In Europe the Company has increased its market share in a number of markets.

“The Company remains focused on opportunities to grow the business in Europe, Emerging Markets and the US, that will enable the Company to broaden its product portfolio and increase its footprint.”

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 / Victoria Foster Mitchell

Victoria Foster Mitchell

Consultant

Strategic Communications

F T I Consulting

+44 (0)20 3077 0486 direct

+44 (0)7816 944 230 mobile

Victoria.FosterMitchell@fticonsulting.com

Holborn Gate, 26 Southampton Buildings

London, WC2A 1PB

www.fticonsulting.com


Read at BioSpace.com


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