Over the last few decades, respiratory allergic diseases have become considerably widespread in the population. They have reached record levels in western countries, where it is estimated that about one in four people have clinical symptoms of allergy. About 90 million Europeans and 65 million Americans are affected by allergic respiratory diseases.

Among the therapeutic approaches offered to treat allergies, there is our specialty: desensitisation (or specific immunotherapy) is the only treatment that makes it possible to redirect the immune system by treating the cause of the disease itself.

A forerunner and leader in desensitisation therapies, possessing 45 years of experience, STALLERGENES treated nearly 500 000 patients in 2006. Present in more than 40 countries, our company is dedicated to the research, development; manufacturing and distribution of allergen extract products for the primary treatment of allergic rhinitis and asthma.

Over the last couple of years, STALLERGENES has undergone strong growth and is reinforcing its position in many markets.

Thanks to this growth, STALLERGENES commits to offering doctors and patients therapies that are all the more innovative. STALLERGENES has intensified its research and development efforts. The R&D budget in 2007 corresponds to over 15% of sales.

Four priority projects have been identified:

•  The registration dossier for Grasses desensibilisation tablets was submitted in Germany on 13 July 2006. The German registration is expected before the end of 2007 and 6 months later in the other European countries. Launch preparations are intensifying and the extension of the production unit for the tablet active substances will be operational by the end of 2007.
• The next two desensitisation tablets, Mites and Bet v 1 (birch pollen), have entered the clinical phase of their development.
• The "Enhanced Allergens" program has made significant progress: adjuvant and specific formulations have been selected and tested in an experimental model. A product candidate was selected in January 2007 and will undergo pharmaceutical and preclinical development.
• It has been confirmed that a partner will be required to finalize the clinical development and market the line of tablets in the United States; the search for this partner has been initiated.

 
To take maximum advantage of the opportunities available, the pace of our development must be accelerated further.

In fact, we are entering an intense period of clinical trials for our Grasses (study in pediatrics and long-term study), Mites (Phase III) and Bet v1 (Phase I) desensitisation tablets.

In addition, we are strengthening our Quality Assurance systems in order to meet the stringent requirements of the pharmaceutical authorities (especially the US Food & Drug Administration).

Finally, it is imperative that we gain a foothold in the United States, and possibly in Japan and China, while at the same time continuing to establish ourselves in Europe.

STALLERGENES has built solid foundations and paved the way for future success. To achieve the ambitious objectives that we have set ourselves, we will have to increase investment and identify the partners who will accompany our growth. This will be the direction that our action will take in 2007.

Albert Saporta
Chairman and Chief Executive Officer

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