Allegy Therapeutics trades 'robustly' in tough year

15th Jul 2022 11:58

(Sharecast News) - Allergy Therapeutics updated the market on the financial year just ended on Friday, with the phase one 'Peanut PROTECT' trial, incorporating "ground-breaking" VLP technology, proceeding as planned, with site initiation visits imminent.

The AIM-traded firm said the pivotal phase three 'Grass MATA MPL' trial, meanwhile, was on track to start in 2022, with United States and European Union sites being contracted ahead of site initiation visits, and results expected in the fourth quarter of 2023.

It described trading in 2022 as "robust", with revenue for the 12 months ended 30 June expected to be £72.8m, down from £84.3m year-on-year on a "streamlined portfolio".

Expenses for 2022 were "significantly lower than planned" due to effective cost controls, the board added.

Allergy said it was in a "strong" cash position of £20.5m , down from £40.3m year-on-year, to support its two key clinical trials.

"The group has performed robustly despite tough conditions this year," said chief executive officer Manuel Llobet.

"We are now ready to start two key clinical trials of innovative products that will provide significant future market opportunities.

"At this year's European Academy of Allergy & Clinical Immunology (EAACI) congress, one of the group's presentations on VLP Peanut was selected as one of the three most outstanding abstracts for the 2022 EAACI meeting for innovative clinical science."

Llobet said the firm was "proud" to be developing the "ground-breaking product", and looked forward to seeing results from the first in-human trial next year.

"We believe that both Grass MATA MPL and VLP Peanut are market leading products with the ability to give patients outstanding treatment."

At 1223 BST, shares in Allergy Therapeutics were down 3.56% at 17.6p.

Reporting by Josh White at Sharecast.com.