Allergy Therapeutics’ share price has tumbled today after announcing it has halted its manufacturing in the UK following an internal review of its operating processes.
Shares plunged more than 10.5 per cent to 17.00p per share by 11:40BST. The recent losses weigh on an ongoing trend into the red, with the stock having lost more than half of its value over the past year.
The London-listed biotechnology company, which makes products for pollen, pet and mould allergies, announced the temporary move at its site in Worthing and said was undergoing improvements to the production process.
“No areas for improvement are related to the safety of products and all of the Group’s clinical trials remain unaffected,” the company said in a statement.
An internal review sought to improve the systems that ensure products are of the right quality, as well as help build the company’s manufacturing capabilities.
CEO Manuel Llobet called the pause in production “necessary” and assured that the move “does not affect the safety of our products”.
“Our work to deliver ongoing improvements has identified a number of systems that require further optimisation… clinical trials remain on track and are completely unaffected by these manufacturing improvements.”
The company is currently undergoing trials for a product for peanut allergies.