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Allergy Therapeutics PLC on Thursday said it has entered into a senior secured facility agreement with ZQ Capital Management Ltd, through its affiliate SkyGem International Holdings Ltd and Southern Fox Investments Ltd. The West Sussex, England-based commercial biotechnology company said the facility is worth £40.8 million, and will be used to partly refinance the existing £10 million loan notes issued by ZQ Capital and Southern Fox in February. The company added that the funding will enable it to continue its phase three G306 trial for Grass MATA MPL, as well as its phase one peanut allergy study. Following the financing, the firm said it will be able to publish its results for the year ended June 30, alongside its first half results for financial 2023, which will enable the restoration of trading of the company’s shares on London’s AIM market. The company’s interim results for the first half ended December 31 were required to be released by March 31, but were not published due to the continued delay to the publication of its financial 2022 results. Allergy Therapeutics shares last traded at 6.25 pence per share, over the past 12 months the stock is down 74%. The firm said it is working with its auditors to finalise its annual report for the year ended June 30, which have been delayed pending new funding. The company noted that the completion of the equity financing will result in Skygem holding Allergy Therapeutics shares worth at least 30% of the company, which will trigger a mandatory offer to be made by ZQ Capital for the entire share capital of Allergy Therapeutics at 1 pence per share. ZQ Capital noted that the offer will only be triggered if the equity conditions are satisfied. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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