Allergy Therapeutics announces share-placing to raise $30 million
UK-based Allergy Therapeutics (LSE: AGY) has announced a conditional placing of 94,117,650 placing shares to raise up to approximately £20 million ($30 million), at a price of 22.1 pence per placing share.
The proceeds of this will be used to fund the clinical development of the lead product Pollinex Quattro Grass through to a biologics license application to obtain regulatory approval from the US Food and Drug Administration. This could make it the first licensed seasonal subcutaneous immunotherapy allergy vaccine authorized for marketing in the USA, where it could potentially access a $2 billion market.
The company’s current timetable has anticipated a US Pollinex Quattro Grass launch in 2019.
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