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
