Allergy Therapeutics shares grow on clinical news

Shares in commercial biotech company Allergy Therapeutics (LON:AGY) climbed 7.76% to 26.40p (13:20 BST) after the company announced positive top line results from phase II trials for a treatment for glass allergies. All the dosing regimens were safe and well tolerated, with the product showing a significant improvement over placebo.

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CEO Manuel Llobet said that, “This study represents a major milestone in our path forward to a registered grass allergy product in Europe. Additionally, this brings us closer towards marketing authorisation in the estimated $2bn US allergy market, a significant opportunity where our product has the potential to be the first registered subcutaneous immunotherapy for the treatment of grass allergy”.