Allergy Therapeutics PLC Successful Litigation Settlement (5739D)
June 27 2019 - 1:01AM
UK Regulatory
TIDMAGY
RNS Number : 5739D
Allergy Therapeutics PLC
27 June 2019
Allergy Therapeutics plc
("Allergy Therapeutics", "ATL" or the "Group")
Successful litigation settlement relating to PQ Grass Phase II
Trial
27 June 2019 Allergy Therapeutics plc (AIM: AGY), the fully
integrated commercial biotechnology company specialising in allergy
vaccines, announces that it has received a $7.6m settlement from
Inflamax Research Inc. ("Inflamax") in relation to legal
proceedings about the previously disclosed inconclusive Phase II
Grass MATA MPL trial which took place in the USA in 2015-16.
Inflamax has also agreed to pay a substantial part of the Group's
legal costs.
The clinical trial (G204) used mobile challenge chambers
provided by Inflamax and preceded the successful Grass MATA MPL
trial (G205) which the Group reported in June 2018. The Group
commenced legal proceedings in the English High Court against
Inflamax in March 2017 for breach of contract and misrepresentation
concerning the G204 Study.
Commenting on outcome, Manuel Llobet, CEO of Allergy
Therapeutics, said: "ATL has always had full confidence in the
Grass MATA MPL product and maintained that the inconclusive results
of the G204 study were due to the inadequate procedures in the
study. I am pleased that Inflamax have now compensated ATL for a
significant proportion of the wasted study costs, as well as
agreeing to pay the majority of the legal costs. Allergy
Therapeutics aims to maintain the highest standards throughout its
business and we are pleased that the matter has now been
resolved."
- ENDS -
For further information, please contact:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer
Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Erik Anderson, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / David Daley / Nicholas Brown / Olivia
Manser
allergytherapeutics@consilium-comms.com
Stern Investor Relations, Inc.
+1 212 362 1200
Christina Tartaglia
christina@sternir.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial
biotechnology company focussed on the treatment and diagnosis of
allergic disorders, including aluminium free immunotherapy vaccines
that have the potential to cure disease. The Group sells
proprietary and third-party products from its subsidiaries in nine
major European countries and via distribution agreements in an
additional ten countries. Its broad pipeline of products in
clinical development include vaccines for grass, tree and house
dust mite, and peanut allergy vaccine in pre-clinical development.
Other adjuvant systems to boost performance of vaccines outside
allergy are also in development.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics
is headquartered in Worthing, UK with more than 11,000m(2) of
state-of-the-art MHRA-approved manufacturing facilities and
laboratories. The Group, which has achieved double digit compound
annual growth since formation, employs c.500 employees and is
listed on the London Stock Exchange (AIM:AGY). For more
information, please see www.allergytherapeutics.com.
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END
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