Shares surge 10% as Alltracel issues update

SHARES in Alltracel Pharmaceuticals surged 10% yesterday after the Sallynoggin-based first aid product developer issued a positive trading update.

The company said revenues for the first six months of the year were on target at €8.3 million and that it remained comfortable with the full-year figure of €21 million that has been predicted by analysts.

It also impressed the market with the appointment of Patrick Wall, the former chief executive of the Food Safety Authority of Ireland and a leading academic at UCD, as a key scientific advisor.

Chief executive Tony Richardson said the first half had gone well and that revenues were strong. “Alltracel continues to be well-positioned with first-class patented technologies, products, partners and people,” he said.

“We are looking forward to an exciting second half as the business continues to demonstrate the potential to be a world leader in our chosen consumer woundcare, oral care and coronary health markets.”

Revenues in the second quarter were boosted by co-branding deals in Europe that raised the profile of the company’s m-doc technology.

M-doc is an anti-bleeding agent that is added to plasters, bandages and first aid sprays that helps to heal wounds more quickly than conventional treatments.

There were also positive signs from the company’s oral care operations in Europe and America. Alltracel splashed out €8 million earlier this year on Westone, a London-based manufacturer.

Mr Richardson said Professor Wall’s appointment came at a good time in the company’s development.

“The appointment of Professor Patrick Wall to the newly-created position of chairman of the Group Scientific Advisory Board is a timely move as we accelerate our technology development efforts in wound care and oral care and move forward with coronary health applications.”