Allergy Thera's 2006 losses hit L6.1M

UK-based specialist pharmaceutical company Allergy Therapeutics says that its losses for the year ended June 30 were L6.1 million ($11.4 million) up from L1.9 million in 2005. The company explained that the clinical trials and subsequent Canadian launch of Pollinex Quattro Ragweed, its ragweed allergy vaccine, was responsible for much of the increase.

Allergy also said that the US Food and Drug Administration has accepted its plans for Phase III trials of the Pollinex Quattro Grass, adding that it has also discussed the product in a successful meeting with the Japanese Pharmaceutical and Medical Devices Agency.

Allergy Therapeutics said that, excluding development costs and rebates, its operating profit was L3.7 million, down from the L5.5 million it saw in 2005. The firm said that the drop in profits was an indication that it was making the necessary preparations for future product launches.