Business
Trading update for the year ended 30 June 2024
Trading update for the year ended 30 June 2024.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n\n\nAllergy Therapeutics plc\n(\"Allergy Therapeutics\" or the \"Company\" or the \"Group\")\n \nTrading update for the year ended 30 June 2024\n \n- Financial turnaround progressing with expected revenue growth in the second half, marking the first period of half year growth since 2021\n- H2 revenues expected to be £21.6m (H2 2023: £21.2m) giving full year revenues of £55.2m (2023: £59.6m)\n- Significant cost reductions made - overheads expected to be significantly lower than prior year\n- Phase I/IIa VLP Peanut PROTECT trial remains on target with healthy and peanut allergic patients receiving subcutaneous doses with no unexpected safety signals \n- Pivotal Phase III Grass MATA MPL trial (G306) successfully meets primary endpoint and positive discussions with regulators on pathway to marketing authorization application (MAA) submission\n- Cash position of £12.9m at 30 June 2024 (2023: £14.8m) following ongoing funding from amended shareholder loan facility\n \n \n22 July 2024: Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, today announces its trading update for the year ended 30 June 2024 ahead of its Full Year Results to be announced in late-September.\n \nManuel Llobet, Chief Executive Officer of Allergy Therapeutics, commented: \"Our financial recovery comes alongside notable clinical progress, reflecting the hard work and dedication of our team. Our commitments to enhance manufacturing capabilities and improve supply chain efficiencies are paying off. The Group's VLP Peanut vaccine candidate, with its promising safety and efficacy, continues development at pace and brings hope to peanut allergy patients. Meanwhile our Grass MATA MPL immunotherapy candidate, with its ability to reduce grass allergy symptoms, is on the cusp of its first regulatory filing. We are committed to advancing these innovative treatments to improve the quality of life of people living with allergies.\"\n \nFinancials\n \nRevenue for H2 is expected to have increased by 2% to £21.6m (H2 2023: £21.2m), representing the first period of half year growth seen since 2021\n \nRevenue for the year end...