Panmure Gordon, a leading independent institutional stockbroker and investment bank, is pleased to advise that it has acted on behalf of Allergy Therapeutics plc ("Allergy Therapeutics" or the "Company"), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, in placing 94.117 million new ordinary shares at 22.1p per share with institutional and other investors to raise proceeds of £20.8 million gross.
The net proceeds of the Placing will be used to fund the clinical development of lead product Pollinexâ Quattro Grass through to regulatory approval in the US. Pollinex Quattro Grass could become the first licensed seasonal allergy vaccine authorised for marketing in the US, with an estimated $2 billion market.
The Placing is conditional on the approval by shareholders at a general meeting and on the admission of the placing shares to trading on AIM. Panmure Gordon is acting as Financial Adviser, Nominated Adviser and sole book-runner to the Placing.