Allergy Therapeutics PLC
29 May 2007
29 May 2007
Correction: This is an updated version of the release issued at 7.00am to
include a quote from RBS.
Allergy Therapeutics plc
("Allergy Therapeutics" or "the Company")
€40 million Debt Facility
Allergy Therapeutics plc (AIM: AGY), the specialist pharmaceutical company
focused on allergy vaccination, announces that it has entered into a €40 million
debt facility with RBS.
The secured debt facility has a 7 year term, can be drawn down over
approximately 2 years and has scheduled capital repayment obligations
thereafter. Interest is charged at a rate of EURIBOR plus a margin of between
1.75% and 2.5%.
The funds will be used to finance the final stages of development of Pollinex(R)
Quattro Grass and Pollinex(R) Quattro Ragweed, the Company's ultra-short course
vaccines to treat hayfever. These two products are now in pivotal Phase III
studies and are the subject of the largest international allergy vaccine trials
ever conducted. The Company expects to launch the first approved allergy
vaccines in the United States in 2009 and the funds raised through this debt
facility will ensure that the development of both products can be completed.
Keith Carter, Chief Executive of Allergy Therapeutics, said:
"The new banking facility announced today fully meets the objectives set out at
the time of our interim statement, obtaining significant funding for the Company
at what we believe are highly competitive rates and avoiding dilution to
shareholders.
"We now have sufficient resources to complete the development programmes for our
two lead allergy vaccine products and are delighted to be entering into these
arrangements with RBS, a blue chip lender whose confidence in Allergy
Therapeutics is further validation of our business and plans."
Ian Bain, Head of Corporates at RBS, Gatwick, said:
"As a leading UK lender to small and mid-sized companies, RBS is delighted to be
able to support Allergy Therapeutics at this exciting time. Our local team has
worked 'hand in hand' with the Allergy management team to deeply understand the
Business and provide an innovative, market leading funding solution for the
Company's next phase of corporate development."
There will be a conference call for analysts at 9am today, please call Mo Noonan
on 020 7269 7116 for further details.
For further information
Allergy Therapeutics +44 (0) 1903 844 722
Keith Carter, Chief Executive
Financial Dynamics +44 (0) 207 831 3113
David Yates
Ben Brewerton
Bridgewell +44 (0) 20 7003 3000
Shaun Dobson
About Pollinex Quattro
There are three programmes of subcutaneous immunotherapy in clinical
development; Pollinex Quattro Grass, Pollinex Quattro Ragweed & Pollinex Quattro
Tree, all of which are based on proprietary technologies. Collectively these
form the "Caution: Allergen" programme. Pollinex Quattro Ragweed is currently
under review by Health Canada. In addition, an oral MPL vaccine development
recently completed its first phase II study, with some exciting results.
Pollinex Quattro vaccines contain three distinct technologies which act
synergistically. Natural allergens are chemically modified to improve safety and
allow for delivery of higher doses. These are combined with a depot technology
to provide prolonged desensitization and further improved tolerability. Finally,
the immune response is specifically enhanced and directed by an adjuvant,
monophosphoryl lipid A (MPL). MPL(R) is a Toll-Like 4 Receptor (TLR4) agonist
and has been extensively tested in Pollinex Quattro and other late stage and
registered vaccines including GlaxoSmithKline's Fendrix(R) and Cervarix(R)
About Allergy Therapeutics plc
Allergy Therapeutics plc is a UK AIM-listed specialty pharmaceutical company
focused on allergy vaccination. It has a profitable core business achieving
sales of allergy vaccines of over £24m in Germany, Italy, Spain and other EU
markets through its own sales and marketing infrastructure.
Allergy Therapeutics is now running the two largest international allergy
vaccine trials ever conducted with pivotal Phase III studies well underway for
Pollinex Quattro in Grass and Pollinex Quattro in Ragweed. The Company is well
placed to launch in 2009 the first approved allergy vaccines in the United
States.
This information is provided by RNS
The company news service from the London Stock Exchange