17th Nov 2015 10:14
LONDON (Alliance News) - Allergy Therapeutics PLC on Tuesday said it is seeking to raise up to GBP12.0 million by selling new shares, with the money to be invested in new product development, strengthening its balance sheet, and accelerating growth.
The pharmaceutical company, which specialises in allergy vaccines, said it will place up to 41.0 million new shares, equivalent to about 7.5% of those already in issue, at no less than 28.00 pence per share to raise the money. The money will be raised through an accelerated bookbuild with institutional investors. Panmure Gordon is handling the placing. Shares in Allergy Therapeutics were down 5.1% at 29.77p on Tuesday morning.
"The placing proceeds will help us develop a presence in related areas such as food and perennial allergies such as house dust mite which, ultimately, will enable us to achieve a step-change in the size of the group's total addressable market," Chief Executive Manuel Llobet said in a statement.
Allergy Therapeutics said that European demand for its short-course aluminium free allergy vaccines has continued to be strong since its last financial year ended on June 30.
The company's like-for-like sales measured in constant currency increased by 12% in the four months from July to October compared with the same period the prior year. Including the acquisition of Alerpharma, which completed in June 2015, constant currency sales increased 15%.
The company said growth was "notably strong" in Germany, Austria, Netherlands and Spain, and that it remains confident of "strong results" for the full current financial year.
In addition, Allergy Therapeutics said it has acquired the licence for Virus Like Particles, a new technology to be used in the treatment of peanut allergy, marking the company's move into products aimed at treating food allergies.
The licence is to be used to develop Polyvac Peanut, an injectable vaccine immunotherapy treatment for allergy sufferers.
By Samuel Agini; [email protected]; @samuelagini
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