Allergy Therapeutics PLC (AIM:AGY) said it was primed for a pivotal year as it prepared to get two key clinical trials underway.
A ground-breaking phase I assessment of its peanut allergy vaccine is on track to begin this year after US regulators gave the green light.
And a phase III study of its short-course grass pollen immunotherapy will kick off in the third quarter of 2022.
Commercially, Allergy had what it described as a “solid” first half posting revenues of £48.7mln, down 5% year-on-year at constant currencies. Operating profit for the six months ended December 31 fell to £12.5mln from £20.5mln, “reflecting portfolio streamlining and activity to pre-Covid-19 levels”.
Importantly, its cash position had grown to £41.4mln from £38.5mln a year earlier.
"This year will see the company prepare for entry into the US market where the allergy immunotherapy market is estimated to be worth US$2bn,” said Allergy chief executive Manuel Llobet.
“Our company continues to stand out as a high-value hybrid, with its strong commercial business and high science R&D programmes.
“We are well placed to create shareholder value through our pivotal stage grass pollen immunotherapy and our innovative peanut allergy vaccine, both of which have significant potential in the US market.”