StockMarketWire.com - Allergy Therapeutics is raising up to £12 million through the issue of up to 41,005,500 new ordinary shares - approximately 7.5% of the company's existing ordinary share capital - at no less than 28p apiece.

In the financial year ended 30 June, the company's sales measured in constant currency grew by 11% over the prior period. As announced today, sales have continued to increase since the year-end, growing by 15%, including sales from Alerpharma, acquired in June 2015, in the first four months of the new financial year against the same period in 2014.

|It says the placing builds on the gathering trading momentum and the proceeds will enable the Board to capitalise on incremental organic and inorganic growth opportunities for the company and its subsidiaries.

The Company will use the clacing proceeds to invest in new product development with a view to achieving a step change in the size of its total addressable markets, strengthen its balance sheet and accelerate growth.

Chief executive Manuel Llobet said: "We have seen an increase of our revenue growth rate during the first four months of the year despite flat markets. We believe that this continuing increased demand for our products highlights the strong profile of our portfolio and, in particular, our short course aluminium free allergy vaccines driving double digit revenue growth in our European markets. In light of this continuing momentum in our business, we are seeking to raise up to £12 million to accelerate execution of our growth strategy. The Placing proceeds will help us develop a presence in related areas such as food and perennial allergies such as house dust mite which, ultimately, will enable us to achieve a step-change in the size of the Group's total addressable market."






Story provided by StockMarketWire.com