Allergy Therapeutics secures cash to see it through September

Tue, 27th Aug 2024 09:57

(Alliance News) - Allergy Therapeutics PLC shares fell on Tuesday, despite securing an additional GBP5 million in loans, extending its cash runway.

Allergy Therapeutics is a Sussex, England-based biotechnology company which specialises in allergy vaccines.

Its shares were down 14% to 4.01 pence each in London on Tuesday morning. In the past 12 months, the shares have shot up from 1.31p.

Major shareholders SkyGem Acquisition Ltd and Southern Fox Investments Ltd have agreed to provide a further GBP5 million from an existing loan facility. The facility was first announced in December last year.

Allergy Therapeutics said it now has extended its cash runway into late September.

It noted that there remains a further GBP12.5 million of uncommitted funding available under the amended loan facility, and it "continues to explore further funding options to support its ongoing operations and development pipeline".

By Sophie Rose, Alliance News senior reporter

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Allergy Thera.