StockMarketWire.com - Allergy vaccine specialist Allergy Therapeutics said its first-half losses deepened owing to higher R&D spending.

Pre-tax losses for the six months through June were £6.9m, compared to losses of £2.0m on-year.

Revenue grew 6.6% to £68.3m, while operating profit excluding R&D spending rose 26% to £9.3m.

Cash at 30 June was £15.5m.

'2018 was a solid year for Allergy Therapeutics as we made important progress in key areas across the company,' chief executive Manuel Llobet said.

'We generated continued growth despite a low pollen season in our core business.'

'We also achieved significant clinical success in the year, with the positive Phase II PQ Grass in May and we now expect headline data from the Phase III PQ Birch study by the end of the year.'

'With progress towards the US market, a pipeline of exciting clinical and pre-clinical assets, and a robust balance sheet, we look to the future with confidence in our growth prospects.'


At 2:48pm: [LON:AGY] Allergy Therapeutics PLC share price was 0p at 24.5p



Story provided by StockMarketWire.com