20th Nov 2013 10:05
LONDON (Alliance News) - Allergy Therapeutics PLC said net revenues and gross sales in the first four months of the year were up, and announced the appointment of a new research and development director, in a statement ahead of its annual general meeting Wednesday.
Allergy said that net revenues were up 16% in the four months from July 1 to October 31 compared to the same period in the previous year, and gross sales increased 7% on a constant currency basis. Allergy Therapeutics is a pharmaceutical company focused on allergy vaccines. It did not provide financial details of revenues, only the percentage changes.
Allergy announced the appointment of Tim Higenbottam as the company's research and development director. Higenbottam has previously held positions at AstraZeneca PLC and served as the corporate director of Chiesi Farmaceutici SpA.
The company said that it will proceed with the registration in Germany of its 1.0 millilitre Grass MATA MPL product for the treatment of hay-fever and pollen allergies. It said it is withdrawing its application for the 0.5 millilitre version as it is a less cost- and time-efficient option. As the 0.5 millilitre version is not yet in the market, this decision will have no impact on forecast sales, Allergy said.
The decision was made after the company met with the Paul-Ehrlich Institute in Germany to discuss the smaller-volume version of the product, and it was agreed at that meeting that further investment would be needed before the 0.5 millilitre version would be granted marketing authorisation.
Shares in Allergy Therapeutics were trading up 1.1% at 7.20 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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