Allergy
Therapeutics
plc
("Allergy Therapeutics", the "Group" or "Company")
Update on
funding
27
March 2024 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.
Following discussions with major
shareholders SkyGem Acquisition Limited (an affiliate of ZQ Capital
Management Limited) and Southern Fox Investments Limited (together
the "Lenders"), the Lenders have agreed that a further £15m from
the existing £40m amended loan facility (the "Amended Loan
Facility"), details of which were announced on 27 December 2023,
may be drawn down from Q2 calendar year 2024.
As a consequence, the Group has
successfully extended its cash runway into Q1 FY2025.
In addition and pursuant to the terms
of the Amended Loan Facility and associated warrant instrument the
Company will issue warrants to the Lenders following each drawdown
under the Amended Loan Facility, entitling the holders to subscribe
for new ordinary shares at a price of 4 pence per share. The
entitlement to warrants will be 25 warrants for each £1 drawn down
under the Amended Loan Facility with a maximum of 1,000,000,000
warrants. The warrants will be exercisable in whole or in part from
1 July 2024 until 15 January 2027.
Ongoing discussions surrounding
further funding, coupled with the financing and loans notes
provided by major shareholders underline the confidence held in the
Group and the future potential that can be leveraged from the
R&D pipeline.
This announcement contains inside
information for the purposes of the UK Market Abuse
Regulations.
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.