Alliance News) - Allergy Therapeutics PLC on Thursday said it shares will be suspended next week, due to delays in completing the audit of its annual results.

Allergy Therapeutics is a West Sussex, England-based commercial biotechnology company focused on the treatment and diagnosis of allergic disorders, including aluminium-free immunotherapy vaccines with the potential to cure disease.

The stock was down 53% to 5.40 pence each in London on Thursday morning. It is down 83% so far in 2022.

Allergy Therapeutics said its shares will be suspended from trading on Tuesday next week, the first trading day of 2023, as it will not be able to publish its annual report and accounts by the end of December.

Back in September, the company announced its unaudited preliminary results for the financial year that ended June 30.

It sunk to a pretax loss of £12.7 million from a profit of £3.7 million the year prior. Revenue dropped to £72.8 million from £84.3 million.

‘It is not aware of any material change that will be required to be made to the results, and it is actively working to finalise the audit and publication of its annual report and accounts,’ Allergy Therapeutics said.

The company added that it is ‘actively’ reviewing all funding options following the voluntary pause in production that has led to the need for significant additional near-term funding. It noted that it is now in ‘active discussions’ regarding the funding.

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