London-listed Poolbeg Pharma “is entering a very exciting” phase, its chief executive said on Monday, after the company received human trial approval for its influenza drug in the UK in July.
Unaudited interim results published by the company on Tuesday show the Open Orphan spin-out remained “well capitalised”, said chief executive Jeremy Skillington, with total equity of £21.2 million (€24.6 million) at the end of June and a cash balance of close to £19 million.
Operating losses at the pharmaceutical business, which is targeting the infectious diseases market and specialises in developing immature products to trial, declined from £2.3 million at the start of the year to £1.8 million by the end of June. On the revenue side, Poolbeg generated income from upfront payments for clinical trial and collaboration agreements of £731,000 over the period.
Poolbeg Pharma plc (LON:POLB) is a clinical stage infectious disease pharmaceutical company, with a novel capital light clinical model which enables us to develop multiple products faster and more cost effectively than the traditional biotech model.