Allergy Therapeutics plc, a biotechnology company specializing in allergy vaccines, has provided an update on its funding and working capital position. The company has been working on initiatives to enhance cost control and manage working capital, and its trading has been in line with expectations for the current financial year. As a result, Allergy Therapeutics has extended its cash runway and now expects to require additional funding by the end of December 2023. While there are currently no firm commitments in place for further funding, discussions with certain major shareholders are ongoing and progressing positively.
In addition, the company has announced that the Pivotal Phase III Grass G306 MATA MPL trial is on track to report interim trial results in November 2023. This trial is an important milestone for Allergy Therapeutics, as it evaluates the efficacy and safety of its grass pollen allergy vaccine.
Overall, Allergy Therapeutics remains focused on managing its working capital and securing additional funding to support its operations. The company's ongoing discussions with major shareholders and the progress of its clinical trial are key factors to watch for future developments.