Poolbeg Pharma plc (LON:POLB, OTCQB: POLBF), a clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, has announced 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.”
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.