Allergy Thera. Regulatory News (AGY)

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN ALLERGY THERAPEUTICS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

THE SECURITIES DISCUSSED HEREIN MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES, UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT. NO PUBLIC OFFERING OF THE SECURITIES DISCUSSED HEREIN IS BEING MADE IN THE UNITED STATES AND THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFERING OF SECURITIES FOR SALE IN THE UNITED STATES AND THE COMPANY DOES NOT CURRENTLY INTEND TO REGISTER ANY SECURITIES UNDER THE SECURITIES ACT. ADDITIONALLY, THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER SECURITIES COMMISSION OR REGULATORY AUTHORITY IN THE UNITED STATES, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE EQUITY FINANCING. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN FOR THE PURPOSES OF MAR.

Allergy Therapeutics plc

("Allergy Therapeutics", the "Group" or "Company")

Update on Equity Financing

Satisfaction of FDI clearance conditions

22 September 2023 Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, today confirms that all foreign direct investment (FDI) clearance conditions have been satisfied in relation to the Equity Financing previously announced by the Group on 6 April 2023 (the "Equity Financing Announcement").

The Equity Financing, which will raise gross proceeds of £40.75 million, comprises (i) the Subscription (a direct subscription by each of ZQ Capital and Southern Fox for, a minimum in aggregate, 3,385,510,000 Subscription Shares at the Issue Price) and (ii) the Open Offer. The proceeds of the Equity Financing will be used to repay principal amounts outstanding and accrued interest thereon under the £40.75 million debt Facility.

A shareholder circular setting out the terms and conditions of the upcoming Open Offer will be published in the next five business days (the "Circular"). A timetable for the Open Offer and completion of the Equity Financing will be included in the Circular and the announcement of publication of the Circular.

The Equity Financing remains conditional on Admission of the Subscription Shares and the Open Offer Shares to trading on AIM, and the Equity Commitment Agreement not being terminated prior to Admission and otherwise having become unconditional in accordance with its terms.

Update on Funding

The Group continues to focus on working capital and cash management to provide time to secure additional funding following the expected interim readout of the Phase III G306 trial in or, around, November 2023. The Group now expects additional funding may be required during November. This requirement may be extended into early 2024 subject to further cost control initiatives, working capital management and timing and volume of sales in the quarter to December 2023. Discussions are continuing positively with certain significant shareholders on providing additional funding and these discussions are expected to result in further funding becoming available to the Group, however, there are no binding arrangements at this stage.

Unless otherwise defined, capitalised terms shall have the meaning set out in the Equity Financing Announcement.

For further information, please contact:

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

+44 (0)1903 845 820

Panmure Gordon (Nominated Adviser and Broker)

Freddy Crossley, Emma Earl, Corporate Finance

Rupert Dearden, Corporate Broking

+44 (0)20 7886 2500

Consilium Strategic Communications

Mary-Jane Elliott / David Daley / Davide Salvi

+44 (0)20 3709 5700

allergytherapeutics@consilium-comms.com

Notes for editors:

About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free immunotherapy vaccines that have the potential to cure disease. The Group sells proprietary and third-party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. Its broad pipeline of products in clinical development includes vaccines for grass, tree, house dust mite and peanut. For more information, please see www.allergytherapeutics.com.