(Alliance News) - Allergy Therapeutics PLC on Wednesday said revenue decreased in its latest half year, and expects to require further funding soon.
The Sussex, England-based biotechnology company expects to report revenue of GBP33.6 million for the six months to December 31, down 16% from GBP39.9 million the prior year.
"This decrease in revenue is attributed to the allocation of manufacturing capacity to investigational medicinal product batches for use in clinical trials," the company explained.
Allergy Therapeutics expects sales for the second half year to be "slightly higher than the previous year", while sales for the full year to June 30 should be "slightly lower" than the GBP59.6 million reported in financial 2023.
At December 31, Allergy Therapeutics had a cash balance of GBP13.5 million, down from GBP14.8 million at the end of calendar 2022.
It said it has so far drawn down GBP4 million from a GBP7.5 million committed loan facility, with GBP3.5 million remaining undrawn as of Tuesday.
Allergy Therapeutics expects to require further funding, in addition to the committed facility balance, during the fourth quarter of the current financial year.
The company also anticipates that its first scientific advisory meeting with regulators, regarding a potential marketing authorisation application for its pollen allergy treatment Grass MATA MPL, will take place later in the first quarter. It previously reported in November that the drug's Phase 3 trial had successfully met its primary endpoint.
Allergy Therapeutics further announced it is "actively recruiting" for the next stage of its Protect trial for its peanut allergy vaccine candidate VLP Peanut, having completed dosing in the first two Phase 1 cohorts back in September.
It "recently" submitted the first results from Phase 1 to The Journal of Allergy & Clinical Immunology, and said the Protect trial's complete results should be available later in 2024.
Shares in Allergy Therapeutics were up 1.2% at 2.48 pence in London on Wednesday.
By Emma Curzon, Alliance News reporter
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Allergy Thera. (AGY)