Allergy Thera in 40M-euro debt facility deal
UK Alternative Investment Market-listed Allergy Therapeutics, a specialist pharmaceutical company focused on allergy vaccination, has entered into a 40.0 million-euro ($53.8 million) debt facility with RBS.
The secured debt facility has a seven-year term, can be drawn down over approximately two years and has scheduled capital repayment obligations thereafter. Interest is charged at a rate of EURIBOR plus a margin of between 1.75% and 2.5%.
The funds will be used to finance the final stages of development of Pollinex Quattro Grass and Pollinex Quattro Ragweed, the company's ultra-short course vaccines to treat hayfever. These two products are now in pivotal Phase III studies and are the subject of the largest international allergy vaccine trials ever conducted. The company expects to launch the first approved allergy vaccines in the USA in 2009 and the funds raised through this debt facility will ensure that the development of both products can be completed, it says.
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