Investment summary

Allergy's debt restructuring follows a $13.6m fund-raise, providing greater flexibility to focus on executing business development objectives (products, infrastructure, new geographies, European consolidation) and pursuing its three-part growth strategy. Allergy has a medium-term aim of becoming a sustainable, cash-flow positive business and a top-three global allergy immunotherapy (AIT) player. Two key catalysts (expected by mid-2012) should boost revenue and profit: German regulatory feedback on Pollinex Quattro (PQ) Grass and FDA approval of PQ clinical trial protocols, followed by the lift of the US clinical hold. The core European business is profitable and Latin American market entry is underway; the US AIT opportunity could further boost growth after FY13, but is contingent on a partnership.

Last updated on 23/04/2012

Industry outlook

Pollinex Quattro (c 50% of revenues) is an ultra short-course allergy vaccine given as four shots over three weeks, which has comparable efficacy to existing vaccines (typically requiring 16-50 injections under specialist supervision pre hay-fever season).

Last updated on 23/04/2012