Last checked at 27 Jun 2019 07:00
Allergy Therapeutics plc
("Allergy Therapeutics", "ATL" or the "Group")
Successful litigation settlement relating to PQ Grass Phase II Trial
27 June 2019 Allergy Therapeutics plc (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, announces that it has received a $7.6m settlement from Inflamax Research Inc. ("Inflamax") in relation to legal proceedings about the previously disclosed inconclusive Phase II Grass MATA MPL trial which took place in the USA in 2015-16. Inflamax has also agreed to pay a substantial part of the Group's legal costs.
The clinical trial (G204) used mobile challenge chambers provided by Inflamax and preceded the successful Grass MATA MPL trial (G205) which the Group reported in June 2018. The Group commenced legal proceedings in the English High Court against Inflamax in March 2017 for breach of contract and misrepresentation concerning the G204 Study.
Commenting on outcome, Manuel Llobet, CEO of Allergy Therapeutics, said: "ATL has always had full confidence in the Grass MATA MPL product and maintained that the inconclusive results of the G204 study were due to the inadequate procedures in the study. I am pleased that Inflamax have now compensated ATL for a significant proportion of the wasted study costs, as well as agreeing to pay the majority of the legal costs. Allergy Therapeutics aims to maintain the highest standards throughout its business and we are pleased that the matter has now been resolved."
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For further information, please contact:
Allergy Therapeutics
+44 (0) 1903 845 820
Manuel Llobet, Chief Executive Officer
Nick Wykeman, Chief Financial Officer
Panmure Gordon
+44 (0) 20 7886 2500
Freddy Crossley, Emma Earl, Corporate Finance
Erik Anderson, Corporate Broking
Consilium Strategic Communications
+44 20 3709 5700
Mary-Jane Elliott / David Daley / Nicholas Brown / Olivia Manser
allergytherapeutics@consilium-comms.com
Stern Investor Relations, Inc.
+1 212 362 1200
Christina Tartaglia
christina@sternir.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial biotechnology company 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 include vaccines for grass, tree and house dust mite, and peanut allergy vaccine in pre-clinical development. Other adjuvant systems to boost performance of vaccines outside allergy are also in development.
Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with more than 11,000m2 of state-of-the-art MHRA-approved manufacturing facilities and laboratories. The Group, which has achieved double digit compound annual growth since formation, employs c.500 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.