Business
Publication of Annual Report and Accounts 2022
Publication of Annual Report and Accounts 2022.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n\n \n \n \n \nAllergy Therapeutics plc\n(\"Allergy Therapeutics\", the \"Company\" or the \"Group\")\n \nPublication of Annual Report and Accounts 2022\n \n19 June 2023: Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, announces that it has today published its Annual Report and Accounts for the year ended 30 June 2022 (the \"2022 Accounts\").\n \nThe 2022 Accounts are available to view on, and download from, the Company's website at https://www.allergytherapeutics.com/investors/results-reports-and-presentations/\n \nPublication of the 2022 Accounts had been delayed pending the Group's requirement for additional funding, following the temporary pause in production during Q4 2022. Subsequently, as announced on 6 April 2023, the Company entered into a £40.75 million loan facility provided by ZQ Capital and Southern Fox (the \"Loan Facility\"). The 2022 Accounts were further delayed as a result of finalising the audit process.\n \nNotwithstanding the recent funding and planned equity refinancing of the Loan Facility (details of which were announced on 6 April 2023), the Group anticipates that additional funding will be required from around September 2023 onwards for trading, working capital, capital expenditure and continuing R&D programmes including the Phase III G306 trial which is currently scheduled to read out in mid Q4 2023.\n \nThere are, however, currently no binding arrangements in place for additional funding over and above the Loan Facility refinancing and no guarantees that existing shareholders or new investors will be willing, or able, to provide further funds. It is therefore considered that a material uncertainty exists over the Group's ability to access additional sources of finance, which will be required regardless of the outcome of the Phase III G306 trial and regardless of the outcome of obtaining of necessary foreign direct investment regulatory approvals.\n \nConsequently, the 2022 Accounts have been finalised on a going concern basis but subject to material uncertainty in view of the need for additional funding from around September 2023 onwards. No material change was required to be made to the 2022 Accounts from the Preliminary Results published on 29 September 2022 ot...