Shares of Allergy Therapeutics plc (LON: AGY) rallied 5.4% after the company announced that its cash balance was at a record level after interim sales rose 7% to £54 million.
The company told investors that it can fund two upcoming clinical trials with its own capital after its net cash position at the end of December rose to £48.3 million fueled by the surge in revenues.
The firm noted that its main products Pollinex Quattro and Pollinex both recorded decent sales in Austria, The Netherlands, Germany, and Switzerland.
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Allergy Therapeutics said that it can now fund the Grass MATA MPL Phase III trial and the peanut allergy vaccine candidate Phase I trial using the £48.3 million cash hoard it had at the end of 2020.
The company noted that the recruitment of patients for the pre-trial Grass MATA exploratory field study is on track and that the results from the study could be released in the autumn of 2021.
Manuel Llobet, Allergy Therapeutics’, CEO, said: “The trading results for the first six months of the year reflect the robust growth by the business despite the continuing challenges of COVID-19. Our research and development strategy is developing well, with excellent progress in our Grass MATA MPL Phase III development programme, the initiation of the ex-vivo peanut study and strong results from the ImmunoBON challenge chamber trial.”
Adding:
“We have much to look forward to in the calendar year 2021, with the submission of the Investigational New Drug Application for our peanut allergy vaccine candidate and results from the Grass exploratory field study.”
Allergy Therapeutics share price
Allergy Therapeutics shares rallied 5.41% to trade at 19.50p having risen from Tuesday’s closing price of 18.50p.