A Sussex drugs company that specialises in hay fever treatments gave investors a shot in the arm when it announced trading as "on track"with market expectations.

Allergy Therapeutics yesterday said the next half would be a period of "exciting growth", including being given clearance to sell its Pollinex Quattro vaccine in the US.

Unlike other allergy vaccines, which can require 20 injections over a period of two years, the Pollinex Quattro range requires just four shots in the arm over three weeks.

Sales are currently focused on Spain, Italy and Germany but the company in Dominion Way, Worthing, is now waiting for the all-clear to sell in North America.

Allergy ploughed £5.5 million into developing vaccines over the last six months, resulting in a half-year operating loss of £700,000.

Ignoring development costs, the group lifted operating profits to £4.8 million from £3.9 million.

Sales for the period were up 17 per cent to £14.2 million against £12.1 million last time a rise driven by a ten per cent increase in sales of Pollinex Quattro.

Some 77 per cent of the group's sales come from Germany so reduction in the rebate from 16 per cent to six per cent last year boosted Allergy's income by £500,000.

Earlier this month Allergy passed a key clinical test for its Pollinex Quattro ragweed vaccine, which it hopes will revolutionise treatment for 30 million Americans. At the time the company said it was the "most significant" data it had received in five years.

Yesterday, chief executive officer Keith Carter said: "Allergy Therapeutics has made significant strides in the first half of the year and the company can look forward to the opportunities the second half of the year will present with confidence."

Allergy Therapeutics has a history going back to the 1930s.

Originally, it was part of SmithKline Beecham but Allergy's management team bought the company from the larger group seven years ago.

It was floated on London's Alternative Investment Market in October 2004.

Allergy Therapeutics employs 170 people in Worthing.

The company also employs more than 100 people at its sales bases in Germany, Italy and Spain and is in the process of setting up new offices in Poland, Austria, the Czech Republic and the Slovak Republic.

Tuesday, March 28, 2006