Allergy Therapeutics (AGY), the allergy vaccination company with a growing sales base, a substantial manufacturing facility and a European sales and marketing infrastructure, announces interim results for the six months ended 31 December 2008.
Highlights
• Pollinex® Quattro Grass dossier submitted for EU Regulatory Review in March
o Pollinex Quattro Grass would become the first short course vaccine for hayfever registered across Europe
• Revenues increased by 24% to £24.2 million (2007: £19.6m)
o Pollinex Quattro named-patient sales increased by 31% to £13.7 million
• Gross profit increased by 22% to £17.3 million (2007: £14.2m)
• Operating loss reduced to £0.8m (2007: £4.4 m)
• R&D expenditure reduced to £3.2 million (2007: £10.2m)
o No further significant investment in R&D without the support of a partner
• Discussions with lenders to renegotiate debt facilities progressing well
o Company is confident these will be resolved swiftly
Keith Carter, Chief Executive of Allergy Therapeutics, said:
“Pollinex Quattro is the only clinically proven, ultra-short course allergy vaccine. Its potential has been underlined by the interest we have had from potential partners and the 31% sales growth in the first half. Having recently submitted Pollinex Quattro for EU marketing approval we are confident that EU approval would enable us to accelerate that sales growth and achieve better prices.
“Our business continues to grow strongly and we are confident of delivering an eleventh consecutive year of sales growth.”
A briefing for analysts will be held at 9.30am today at the offices of Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. Please call Mo Noonan for further details on 020 7269 7116. In addition, the presentation will be made available on the Company’s website at www.allergytherapeutics.com
