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Allergy Therapeutics plc announced on 27 August 2024 that major shareholders SkyGem Acquisition Limited and Southern Fox Investments Limited (the Lenders) have agreed to provide a further £5 million from the existing amended loan facility. This funding extends the Group's cash runway into late September, with £12.5 million of uncommitted funding remaining available under the facility.
| Date | 27 Aug 2024 |
| Time | 07:00:12 |
| Category | Miscellaneous |
| ID | 6869B |
Allergy Therapeutics plc
("Allergy Therapeutics", the "Group" or "Company")
Update on funding
27 August 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 to provide a further £5m from the existing amended loan facility (the "Amended Loan Facility"), details of which were announced on 27 December 2023.
As a consequence, the Group has successfully extended its cash runway into late September.
There remains a further £12.5m of uncommitted funding available under the Amended Loan Facility and the Company continues to explore further funding options to support its ongoing operations and development pipeline.
This announcement contains inside information for the purposes of the UK Market Abuse Regulations.
ENDS
Allergy Therapeutics
Manuel Llobet, Chief Executive Officer
Shaun Furlong, Chief Financial Officer
+44 (0)1903 845 820
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Geoff Nash / Seamus Fricker / Rory Sale
Nigel Birks/Tamar Cranford Smith - Sales
+44 (0)20 7220 0500
ICR Consilium
Mary-Jane Elliott / David Daley / Davide Salvi
+44 (0)20 3709 5700
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.