Commercial biotechnology company Allergy Therapeutics said in an update on Friday that it expects first-half revenue of £39.9m, down 18% year-on-year.
The AIM-traded company said the drop in revenue was due to a previously announced voluntary shutdown in UK manufacturing, as well as the reduction of some older products in its portfolio.
He said he expected to continue at the same level as last year in the second half, before returning to the next financial year.
The company’s cash balance at the end of December 31 was £15.2m, compared to £20.5m at the end of June.
Under the subscription and debt financing that it announced on September 29, the company received £ 7m from the issue of new shares and expected to receive £ 10m from the issue of bonds on on February 28.
“As previously announced, the company is considering financing options following a temporary halt in production that has resulted in the need for immediate financing,” the board said in a statement.
“The company remains confident that the financing discussions will lead to positive results and will renew the market at the right time.”
Allergy Therapeutics said that they are also actively working on finalizing the audit and publishing the annual report and accounts for the year ended June 30 last year.
Josh White reports for Sharecast.com.