Significant progress made and well positioned for future growth
LONDON, UK / ACCESSWIRE / September 13, 2023 / Poolbeg Pharma (AIM:POLB)(OTCQB:POLBF), 'Poolbeg' or the 'Company'), a clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need,announces its unaudited interim results for the six months to 30 June 2023.
Interim Results Highlights and Business Update
- Strong cash balance of £14.1 million as at 30 June 2023 (31 December 2022: £16.2m)
- Positive results from the POLB 001 LPS human challenge trial. The asset has the potential to be an effective treatment for severe influenza and potentially other acute inflammatory conditions
- Strategic expansion of POLB 001 into oncology, including as a potential treatment option for Cytokine Release Syndrome (CRS), a side-effect associated with up to 95% of CAR T cell therapies
- Further to discussions with prospective partners interested in this area, the Company is actively exploring a potential new indication for POLB 001 in oncology beyond CAR T
- The Company's artificial intelligence (AI) programme with CytoReason provided unparalleled insights into influenza infection and successfully identified a number of novel and valuable drug targets
- The lab-based validation of the Respiratory Syncytial Virus (RSV) drug targets and treatments identified from the Company's AI-led programme is progressing and expected to complete in H2 2023
- The Poolbeg-led Oral Vaccine consortium (EncOVac), which was awarded €2.3 million in grant funding, progressed to the next phase of development, marked by the commencement of the encapsulation validation process
- Continued progress on the Oral GLP-1 agonist proof-of-technology clinical trial preparation. As a result of adopting recommendations from a number of Key Opinion Leaders (KOLs), the clinical trial design has been refined and the trial is expected to commence in H1 2024
- Industry veteran, Professor Brendan Buckley, appointed as Non-Executive Director in May 2023
Jeremy Skillington, PhD, Chief Executive Officer of Poolbeg Pharma, commented: "During H1 2023, we made significant progress in advancing our pipeline, bolstered by the strong clinical trial data for POLB 001 and breakthroughs in our AI-led drug discovery programmes, we are building towards becoming an efficient one-stop-shop for biopharma seeking products to in-license. With a cost-effective R&D approach, complemented by a strong balance sheet and multiple non-dilutive funding opportunities, we are well positioned for ongoing development and future growth with a strong focus on our business development activities."
Jeremy Skillington, PhD, Chief Executive Officer, will be presenting at the Master Investor Sector Focus: Healthcare Webinar on 20 September 2023.
Register to attend here.
Change of Name of Nominated Adviser and Joint Broker
The Company also announces that its Nominated Adviser and Joint Broker has changed its name to Cavendish Capital Markets Ltd following completion of its own corporate merger.
- Ends -
Poolbeg Pharma Plc
Jeremy Skillington, CEO
Ian O'Connell, CFO
+44 (0) 207 183 1499
Cavendish Capital Markets Ltd (Nominated Adviser & Joint Broker)
Geoff Nash, Charlie Beeson, Nigel Birks, Harriet Ward (ECM)
+44 (0) 207 220 0500
Singer Capital Markets (Joint Broker)
Phil Davies, Sam Butcher
+44 (0) 207 496 3000
J&E Davy (Joint Broker)
Anthony Farrell, Niall Gilchrist
+353 (0) 1 679 6363
Optimum Strategic Communications
Nick Bastin, Hana Malik, Vici Rabbetts
+44 (0) 208 078 4357
About Poolbeg Pharma
Poolbeg Pharma specialises in the development of innovative medicines to address the unmet need in infectious and other prevalent diseases. Poolbeg Pharma has a disciplined portfolio approach to mitigate risk, accelerate drug development, and enhance investor returns. The Company simultaneously advances multiple programmes in cost-effective clinical trials, rapidly generating early human safety and efficacy data to enable early partnering / out-licensing, with the funds generated reinvested in the pipeline. Poolbeg Pharma also uses AI to interrogate human challenge trial data sets to quickly identify new targets and drugs, leading to faster development and greater commercial appeal.
The Company is targeting the growing infectious disease market. In the wake of the COVID-19 pandemic, infectious disease has become one of the fastest growing pharma markets and is expected to exceed $250bn by 2025. Through opportunistic identification of assets which complement Poolbeg Pharma's existing pipeline, the Company is progressing programmes in oncology and metabolic syndromes; adding disease areas with significant addressable markets.
With its initial assets from hVIVO plc, an industry leading infectious disease and human challenge trials business, Poolbeg Pharma has access to knowledge, experience, and clinical data from over 20 years of human challenge trials. The Company is using these insights to acquire new assets as well as reposition clinical stage products, reducing spend and risk. Amongst its portfolio of exciting assets, Poolbeg Pharma has a small molecule immunomodulator for severe influenza and other acute inflammatory conditions (POLB 001) which produces a highly significant reduction in p38 MAP kinase driven cytokines in a clinical setting; a first-in-class, intranasally administered RNA-based immunotherapy for respiratory virus infections (POLB 002); and a vaccine candidate for Melioidosis (POLB 003). The Company is progressing two Artificial Intelligence (AI) Programmes to add promising new assets to its pipeline as well as developing an Oral Vaccine Programme and an Oral Delivery Programme focussing on metabolic syndrome related diseases.
Please refer to the attached PDF document to view the full announcement:
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SOURCE: Poolbeg Pharma PLC