Allergy Therapeutics plc (LON:AGY) moved highert today on news it is set to kick off the phase II clinical trial of its hay fever treatment “imminently” after the pharma group got the necessary approvals from authorities.
In late afternoon trading, the firm's shares were up 2.8%, or 0.88p at 32.38p.
The AIM-quoted group believes PQ Grass has the potential to cure grass pollen-induced hay fever, or allergic rhinitis as it’s known in medical circles.
The trial will take place in Germany, Poland and Austria and will involve around 440 patients.
Results from the study are expected in the second half of next year.
Could be worth US$300mln a year to AGY
Should it pass through the clinical stage successfully, Allergy expects the US market to be the main market for the product.
That market alone is estimated to be worth around US$2bn a year and the company is looking at generating peak annual sales of US$300mln from PQ Grass.
If it does get approval, it will be the first subcutaneous (a short needle which injects the drug under the skin) immunotherapy registered in the States.
“This revised Phase II trial will prepare the ground for entry in to the high value US market in which PQ Grass has the potential to become a convenient, best in class, ultra-short course subcutaneous immunotherapy,” said chief executive Manuel Llobet.
“We look forward to reporting headline data next year as we advance this product.”
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