Last checked at 27 Mar 2024 07:00
Allergy Therapeutics plc
("Allergy Therapeutics", the "Group" or "Company")
Update on funding
27 March 2024 Allergy Therapeutics plc (AIM: AGY), the integrated commercial biotechnology company specialising in allergy vaccines, today announces an update on the Group's working capital position.
Following discussions with major shareholders SkyGem Acquisition Limited (an affiliate of ZQ Capital Management Limited) and Southern Fox Investments Limited (together the "Lenders"), the Lenders have agreed that a further £15m from the existing £40m amended loan facility (the "Amended Loan Facility"), details of which were announced on 27 December 2023, may be drawn down from Q2 calendar year 2024.
As a consequence, the Group has successfully extended its cash runway into Q1 FY2025.
In addition and pursuant to the terms of the Amended Loan Facility and associated warrant instrument the Company will issue warrants to the Lenders following each drawdown under the Amended Loan Facility, entitling the holders to subscribe for new ordinary shares at a price of 4 pence per share. The entitlement to warrants will be 25 warrants for each £1 drawn down under the Amended Loan Facility with a maximum of 1,000,000,000 warrants. The warrants will be exercisable in whole or in part from 1 July 2024 until 15 January 2027.
Ongoing discussions surrounding further funding, coupled with the financing and loans notes provided by major shareholders underline the confidence held in the Group and the future potential that can be leveraged from the R&D pipeline.
This announcement contains inside information for the purposes of the UK Market Abuse Regulations.
ENDS
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)
Emma Earl, Freddy Crossley, Mark Rogers, Corporate Finance
Rupert Dearden, Corporate Broking
+44 (0)20 7886 2500
ICR Consilium
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.