Allergy Therapeutics plc (AIM: AGY), the allergy vaccination company with a growing sales base, a substantial manufacturing facility and a European sales and marketing infrastructure, announces preliminary results for the year ended 30 June 2009.
Operational Highlights
• Pollinex® Quattro Grass dossier submitted for Regulatory Review in EU in March 2009
o Pollinex Quattro Grass will become the first short course vaccine for hayfever registered across Europe following the process of mutual recognition
Financial Highlights
• Revenues increased by 22% to £37.8 million (2008: £31.0m), on a constant currency basis net sales increased by 6%
o Pollinex Quattro named-patient sales increased by 41% to £18.2 million, on a constant currency basis net sales increased by 21%
• Gross profit increased by 20% to £24.2 million (2008: £20.2m)
• Operating loss reduced to £6.2m (2008: £15.6 m)
• R&D expenditure reduced to £5.3 million (2008: £16.3m)
Post Period Events
• In July 2009 194,131,937 new shares issued, raising £22.1m net of expenses
• On 3 July 2009 the Company repaid £9.4m of debt and revised and amended the terms of its bank agreement
• On 1 September Manuel Llobet became Chief Executive Officer
• Whilst it is not possible to prejudge the outcome of the FDA discussion, there is increased optimism regarding lifting of FDA Clinical Hold following progress made by GSK toward gaining approval for Cervarix®
Manuel Llobet, Chief Executive of Allergy Therapeutics, said: “Since 2004 Allergy Therapeutics has invested heavily to complete one of the most extensive product development programmes in the field of allergy vaccines culminating in March in the submission of Pollinex Quattro Grass for approval in Europe; we expect product launch in Germany in time for the 2010 peak treatment period. The potential of Pollinex Quattro is underlined by the growth in its named-patient sales this year.
“Shortly after the period end we successfully refinanced the Group and strengthened the board. With a stronger balance sheet and large scale R&D expenditure at an end, the focus is on marketing strategies to accelerate sales growth especially as Pollinex Quattro proceeds through the registration process in Europe. We are confident that Allergy Therapeutics is now well placed to capitalise on the investments of the past.”
Operational Highlights
• Pollinex® Quattro Grass dossier submitted for Regulatory Review in EU in March 2009
o Pollinex Quattro Grass will become the first short course vaccine for hayfever registered across Europe following the process of mutual recognition
Financial Highlights
• Revenues increased by 22% to £37.8 million (2008: £31.0m), on a constant currency basis net sales increased by 6%
o Pollinex Quattro named-patient sales increased by 41% to £18.2 million, on a constant currency basis net sales increased by 21%
• Gross profit increased by 20% to £24.2 million (2008: £20.2m)
• Operating loss reduced to £6.2m (2008: £15.6 m)
• R&D expenditure reduced to £5.3 million (2008: £16.3m)
Post Period Events
• In July 2009 194,131,937 new shares issued, raising £22.1m net of expenses
• On 3 July 2009 the Company repaid £9.4m of debt and revised and amended the terms of its bank agreement
• On 1 September Manuel Llobet became Chief Executive Officer
• Whilst it is not possible to prejudge the outcome of the FDA discussion, there is increased optimism regarding lifting of FDA Clinical Hold following progress made by GSK toward gaining approval for Cervarix®
Manuel Llobet, Chief Executive of Allergy Therapeutics, said: “Since 2004 Allergy Therapeutics has invested heavily to complete one of the most extensive product development programmes in the field of allergy vaccines culminating in March in the submission of Pollinex Quattro Grass for approval in Europe; we expect product launch in Germany in time for the 2010 peak treatment period. The potential of Pollinex Quattro is underlined by the growth in its named-patient sales this year.
“Shortly after the period end we successfully refinanced the Group and strengthened the board. With a stronger balance sheet and large scale R&D expenditure at an end, the focus is on marketing strategies to accelerate sales growth especially as Pollinex Quattro proceeds through the registration process in Europe. We are confident that Allergy Therapeutics is now well placed to capitalise on the investments of the past.”
