(Alliance News) - Allergy Therapeutics PLC on Friday said it expects a drop in revenue during the first half of its financial year, but it remains confident about funding opportunities.
Allergy Therapeutics is a West Sussex, England-based commercial biotechnology company focused on the treatment and diagnosis of allergic disorders, including aluminium-free immunotherapy vaccines with the potential to cure disease.
The company said it expects revenue in the six months ended December 31 to GBP39.9 million, down 18% from GBP48.7 million a year earlier.
"This decrease in revenue is primarily due to the previously announced voluntary short-term pause in production in the UK, together with the previous strategic streamlining of some older products in the portfolio," Allergy Therapeutics explained.
Looking ahead, Allergy Therapeutics expects sales to continue at a similar level compared to last year, before recovering in the next financial year.
The company noted that it is reviewing funding options following the temporary pause in production that has resulted in the need for additional near-term funding.
"The company is increasingly confident that its funding discussions will result in a positive outcome and will update the market in due course," it said.
Allergy Therapeutics added that it is "actively working" to finalise its full year results for the financial year ended June 30, 2022.
The company's shares plunged at the end of December, when it said that its shares would be suspended, due to delays in completing the audit of its annual results.
The company's shares were suspended at 6.00 pence each, over the past 12 months the stock is down 76%.
Back in September, the company announced its unaudited preliminary results for the financial year that ended June 30.
It sunk to a pretax loss of GBP12.7 million from a profit of GBP3.7 million the year prior. Revenue dropped to GBP72.8 million from GBP84.3 million.
By Sophie Rose, Alliance News reporter
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Allergy Thera. (AGY)