29th May 2007 09:15
Allergy Therapeutics PLC29 May 2007 29 May 2007 Correction: This is an updated version of the release issued at 7.00am toinclude a quote from RBS. Allergy Therapeutics plc ("Allergy Therapeutics" or "the Company") €40 million Debt Facility Allergy Therapeutics plc (AIM: AGY), the specialist pharmaceutical companyfocused on allergy vaccination, announces that it has entered into a €40 milliondebt facility with RBS. The secured debt facility has a 7 year term, can be drawn down overapproximately 2 years and has scheduled capital repayment obligationsthereafter. Interest is charged at a rate of EURIBOR plus a margin of between1.75% 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 coursevaccines to treat hayfever. These two products are now in pivotal Phase IIIstudies and are the subject of the largest international allergy vaccine trialsever conducted. The Company expects to launch the first approved allergyvaccines in the United States in 2009 and the funds raised through this debtfacility 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 atthe time of our interim statement, obtaining significant funding for the Companyat what we believe are highly competitive rates and avoiding dilution toshareholders. "We now have sufficient resources to complete the development programmes for ourtwo lead allergy vaccine products and are delighted to be entering into thesearrangements with RBS, a blue chip lender whose confidence in AllergyTherapeutics 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 beable to support Allergy Therapeutics at this exciting time. Our local team hasworked 'hand in hand' with the Allergy management team to deeply understand theBusiness and provide an innovative, market leading funding solution for theCompany's next phase of corporate development." There will be a conference call for analysts at 9am today, please call Mo Noonanon 020 7269 7116 for further details. For further information Allergy Therapeutics +44 (0) 1903 844 722Keith Carter, Chief Executive Financial Dynamics +44 (0) 207 831 3113David YatesBen Brewerton Bridgewell +44 (0) 20 7003 3000Shaun Dobson About Pollinex Quattro There are three programmes of subcutaneous immunotherapy in clinicaldevelopment; Pollinex Quattro Grass, Pollinex Quattro Ragweed & Pollinex QuattroTree, all of which are based on proprietary technologies. Collectively theseform the "Caution: Allergen" programme. Pollinex Quattro Ragweed is currentlyunder review by Health Canada. In addition, an oral MPL vaccine developmentrecently completed its first phase II study, with some exciting results. Pollinex Quattro vaccines contain three distinct technologies which actsynergistically. Natural allergens are chemically modified to improve safety andallow for delivery of higher doses. These are combined with a depot technologyto 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) agonistand has been extensively tested in Pollinex Quattro and other late stage andregistered vaccines including GlaxoSmithKline's Fendrix(R) and Cervarix(R) About Allergy Therapeutics plc Allergy Therapeutics plc is a UK AIM-listed specialty pharmaceutical companyfocused on allergy vaccination. It has a profitable core business achievingsales of allergy vaccines of over £24m in Germany, Italy, Spain and other EUmarkets through its own sales and marketing infrastructure. Allergy Therapeutics is now running the two largest international allergyvaccine trials ever conducted with pivotal Phase III studies well underway forPollinex Quattro in Grass and Pollinex Quattro in Ragweed. The Company is wellplaced to launch in 2009 the first approved allergy vaccines in the UnitedStates. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Allergy Thera.