Allergy Therapeutics

Positive top line G309 results for Grass MATA MPL

Lighthouse | 25 October 2021

Share this note

  • Allergy Therapeutics has reported highly encouraging top line data from its G309 exploratory field trial of Grass MATA MPL. Both treatment arms demonstrated statistically significant improvement over placebo on the primary endpoint, the combined symptom and medication score (CSMS). The six-week arm showed a 29.1% improvement (p=0.0367), with this rising to 36.8% (p=0.0088) in the 14-week arm. These represent a significant reduction in both daily symptoms and the use of relief medication. Both dosing regimens were shown to be safe and well tolerated. Additionally, European and US study centre data were comparable. Analysis of secondary endpoints, including quality of life measures and allergy biomarkers, is yet to be completed. Full G309 results will be presented at a future conference.
  • G309 is an innovative double-blind, placebo controlled, randomised study that evaluated the efficacy and safety of an optimized Phase III dose of 27,600 SU Grass MATA MPL. Two short courses of six injections with treatment durations of six and 14 weeks were tested. The trial ran for one year, over the 2020/21 allergy season, and recruited c 150 patients over 12 sites in Germany and the US.
  • The G309 results will help inform and optimise the design of the pivotal Phase III study (G306), which is the key step for FDA filing and potential approval in the US. G306 will also be run in Europe and the US, and is planned to start in H222, capturing the 2022/23 allergy season. It is expected to involve 900-1,200 patients and more than 100 trial sites.
  • The Grass MATA MPL development programme is a key element in Allergy Therapeutics medium-term strategy. These trials, assuming the positive G309 results are replicated in G306, are set to demonstrate the clinical benefits of Pollinex Quattro (PQ) ultra-short courses. In Europe, the PQ range is currently only available on a “named patient” basis; regulatory approval would remove marketing restrictions allowing promotion of the clinical benefits to the medical community. In the US, an FDA approval would make it the first short course, subcutaneous and aluminium-free allergy immunotherapy available in the US.

Trinity Delta view: The positive top line results of the Grass MATA MPL G309 exploratory field study represent a major de-risking of the planned G306 pivotal trial. In turn, we view the G306 results as the gatekeeper to Allergy Therapeutics medium-term prospects, as subsequent regulatory filings and potential approvals will underpin Europe growth expectations and allow entry into the commercially significant US market. G309 results complement recent encouraging data from the VLP Peanut preclinical programme. Continued progress with both the VLP Peanut and Grass MATA MPL programmes will clearly unlock further valuation upside. We currently value Allergy Therapeutics at £350.7m, or 54.7p per share. Net of cash, the existing commercial business contributes £91.1m (14.2p/share) and the R&D pipeline £222.8m (34.7p/share).


25 October 2021

Market Cap£215.0m
Primary exchangeAIM
Company CodeAGY
Corporate clientYes

Company description

Allergy Therapeutics specialises in the diagnosis and treatment of allergy. The existing European business generates c £80m annual sales. Near-term R&D efforts are focussed on the Pollinex Quattro platform, whilst in the medium-term the VLP platform is highly promising.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


Trinity Delta Research Limited (“TDRL”; firm reference number: 725161), which trades as Trinity Delta, is an appointed representative of Equity Development Limited (“ED”). The contents of this report, which has been prepared by and is the sole responsibility of TDRL, have been reviewed, but not independently verified, by ED which is authorised and regulated by the FCA, and whose reference number is 185325.

ED is acting for TDRL and not for any other person and will not be responsible for providing the protections provided to clients of TDRL nor for advising any other person in connection with the contents of this report and, except to the extent required by applicable law, including the rules of the FCA, owes no duty of care to any other such person. No reliance may be placed on ED for advice or recommendations with respect to the contents of this report and, to the extent it may do so under applicable law, ED makes no representation or warranty to the persons reading this report with regards to the information contained in it.

In the preparation of this report TDRL has used publicly available sources and taken reasonable efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee or warranty as to the accuracy or completeness of the information or opinions contained herein, nor to provide updates should fresh information become available or opinions change.

Any person who is not a relevant person under section of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom should not act or rely on this document or any of its contents. Research on its client companies produced by TDRL is normally commissioned and paid for by those companies themselves (‘issuer financed research’) and as such is not deemed to be independent, as defined by the FCA, but is ‘objective’ in that the authors are stating their own opinions. The report should be considered a marketing communication for purposes of the FCA rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. TDRL does not hold any positions in any of the companies mentioned in the report, although directors, employees or consultants of TDRL may hold positions in the companies mentioned. TDRL does impose restrictions on personal dealings. TDRL might also provide services to companies mentioned or solicit business from them.

This report is being provided to relevant persons to provide background information about the subject matter of the note. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information that we provide is not intended to be, and should not in any manner whatsoever be, construed as personalised advice. Self-certification by investors can be completed free of charge at TDRL, its affiliates, officers, directors and employees, and ED will not be liable for any loss or damage arising from any use of this document, to the maximum extent that the law permits.

Copyright 2021 Trinity Delta Research Limited. All rights reserved.