Allergy Therapeutics, a London-listed biotechnology company, has successfully extended its cash runway and now anticipates requiring additional funding by the end of the year. The company has been engaged in discussions with certain major shareholders regarding further funding, which are progressing positively.
To bolster its financial position, Allergy Therapeutics has implemented strategies to enhance cost control and manage working capital. These initiatives, coupled with the company’s solid performance in line with expectations for fiscal 2024 to date, have contributed to the extension of its cash runway. While specific financial figures were not disclosed, this development reflects the company’s commitment to sustainable growth.
In October, Allergy Therapeutics completed a subscription and open offer that raised approximately £40.75 million ($50.5 million). Discussions with shareholders following this financing round have shown promising progress, although no definitive commitments have been made thus far.
Moreover, on October 16, SkyGem Acquisition launched a mandatory offer to acquire the remaining shares of Allergy Therapeutics. After increasing its shareholding beyond 30%, SkyGem Acquisition—a subsidiary of funds managed by ZQ Capital Management—valued the company at £47.9 million (excluding warrants) and initiated the offer at a price of 1 pence per share. This requirement aligns with the regulations set forth by the U.K. Takeover Panel.
It is worth mentioning that the mandatory offer from SkyGem Acquisition followed the equity fundraising efforts, which are part of a previously announced agreement involving ZQ Capital and shareholder Southern Fox.
Overall, the additional funding secured by Allergy Therapeutics and the progress made in discussions with major shareholders indicate a positive outlook for the company’s future growth and development.
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