Allergy Therapeutics PLC Update on funding (2524W)
December 11 2023 - 1:00AM
UK Regulatory
TIDMAGY
RNS Number : 2524W
Allergy Therapeutics PLC
11 December 2023
Al l er gy Therapeu tics p lc
(" A l l ergy Ther apeut ics", the "Group" or "C o mpany ")
Update on funding
11 December 2023 Allergy Therapeutics plc (AIM: AGY), the
integrated commercial biotechnology company specialising in allergy
vaccines, today announces an update on the Group's working capital
position.
The Group continues to work on initiatives to enhance cost
control and manage working capital alongside trading. Whilst sales
for the financial year to 30 June 2024 are expected to be slightly
lower than the comparable period ended 30 June 2023, costs and
overheads before research and development costs and exceptional
items are now expected to be slightly lower following cost control
initiatives undertaken in the year. As a consequence, the Group has
successfully extended its cash runway towards the end of January
2024.
While no firm commitments are in place to provide further
funding, discussions with certain major shareholders are well
advanced.
ENDS
For further information, please contact:
Allergy Therapeutics
Manuel Llobet, Chief Executive Officer
Shaun Furlong, Chief Financial Officer
+44 (0)1903 845 820
Panmure Gordon (Nominated Adviser and Broker)
Emma Earl, Freddy Crossley, Mark Rogers, Corporate Finance
Rupert Dearden, Corporate Broking
+44 (0)20 7886 2500
ICR Consilium
Mary-Jane Elliott / David Daley / Davide Salvi
+44 (0)20 3709 5700
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial
biotechnology company, headquartered in the UK, 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 includes vaccines for
grass, tree, house dust mite and peanut. For more information,
please see www.allergytherapeutics.com .
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END
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