Poolbeg Pharma plc (LON:POLB, OTCQB: POLBF), a biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need, has announced a change of Board role and the Remuneration Committee’s approval of the adoption of an Employee Performance Incentive Plan for a number of the key senior management, to align medium and long term objectives with those of shareholders and to encourage retention.
Change of Board role
Cathal Friel, Co-Founder, substantial shareholder, and currently Non-Executive Chairman of Poolbeg, is assuming the role of Executive Chairman at the Company effective immediately. Cathal brings valuable experience from his longstanding track record of value creation in a number of public companies, including as Co-Founder of Amryt Pharma plc (“Amryt”), which was acquired by Chiesi Farmaceutici S.p.A for US$1.48bn in 2023. He was also the Executive Chairman and Co-Founder of hVIVO plc (formerly Open Orphan plc) which IPO’d in June 2019 at 5.6 pence with a market capitalisation of c. £14 million. Open Orphan plc made a recommended all-equity offer for hVIVO plc in December 2019 for £12.96 million with the acquisition completing in January 2020. Since then, Cathal and his team have transformed hVIVO into a fast growing, profitable company with revenues of over £56 million, a share price of c. 28 pence and a market capitalisation of c. £200m.
