Business
Eur40 million Debt Facility
Eur40 million Debt Facility.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n Allergy Therapeutics PLC\n29 May 2007\n\n29 May 2007\n\n\n\nCorrection: This is an updated version of the release issued at 7.00am to\ninclude a quote from RBS.\n\n\n\n\n\n Allergy Therapeutics plc\n\n (\"Allergy Therapeutics\" or \"the Company\")\n\n\n\n €40 million Debt Facility\n\n\n\nAllergy Therapeutics plc (AIM: AGY), the specialist pharmaceutical company\nfocused on allergy vaccination, announces that it has entered into a €40 million\ndebt facility with RBS.\n\n\n\nThe secured debt facility has a 7 year term, can be drawn down over\napproximately 2 years and has scheduled capital repayment obligations\nthereafter. Interest is charged at a rate of EURIBOR plus a margin of between\n1.75% and 2.5%.\n\n\n\nThe funds will be used to finance the final stages of development of Pollinex(R)\nQuattro Grass and Pollinex(R) Quattro Ragweed, the Company's ultra-short course\nvaccines to treat hayfever. These two products are now in pivotal Phase III\nstudies and are the subject of the largest international allergy vaccine trials\never conducted. The Company expects to launch the first approved allergy\nvaccines in the United States in 2009 and the funds raised through this debt\nfacility will ensure that the development of both products can be completed.\n\n\n\nKeith Carter, Chief Executive of Allergy Therapeutics, said:\n\n\n\n\"The new banking facility announced today fully meets the objectives set out at\nthe time of our interim statement, obtaining significant funding for the Company\nat what we believe are highly competitive rates and avoiding dilution to\nshareholders.\n\n\n\n\"We now have sufficient resources to complete the development programmes for our\ntwo lead allergy vaccine products and are delighted to be entering into these\narrangements with RBS, a blue chip lender whose confidence in Allergy\nTherapeutics is further validation of our business and plans.\"\n\n\n\nIan Bain, Head of Corporates at RBS, Gatwick, said:\n\n\n\n\"As a leading UK lender to small and mid-sized companies, RBS is delighted to be\nable to support Allergy Therapeutics at this exciting time. Our local team has\nworked 'hand in hand' with the Allergy management team to deeply understand the\nBusiness and provide an innovative, market leading funding solution for the\nCompany's next phase of corporate development.\"\n\n\n\n\n\nThere will be a...