Biotechnology company Allergy Therapeutics plc (AIM: AGY) announced on Monday "highly positive" top-line results from its Phase II dose ranging study of grass-pollen induced seasonal allergic rhinitis (hay fever) treatment Grass Modified Allergen Tyrosine Absorbed (MATA) MPL.

The multi-centre, double-blind, placebo controlled trial met its primary endpoint of establishing a dose-response relationship and a Phase III dose.

All dosing regimens were safe and well-tolerated and the product showed a significant improvement compared to placebo, the company said.

Approximately 30% of the population in Europe and 25% of the population of the United States are allergic to grass pollen.

Grass MATA MPL contains three distinct components: allergoids, micro-crystalline tyrosine (MCT) and monophosphoryl lipid A (MPL). If approved, it will be the first registered subcutaneous immunotherapy product in the US for grass allergy.

"With an optimal dose identified, we look forward to sharing this new, exciting data with the health authorities and plan to commence a Phase III study in 2019," said Manuel Llobet, CEO of Allergy Therapeutics.