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Highlights

  • Poolbeg aims to raise £4.1 million to fund trials for cancer immunotherapy and obesity drug candidates.

  • The financing extends the company's cash runway into 2027 and supports major clinical milestones.

  • POLB 001 and oral GLP-1 therapies targeted as lead programmes in multi-billion-dollar markets.

Poolbeg Pharma PLC (LSE:POLB) has announced plans to raise approximately £4.1 million through a combination of share placing and subscriptions, aiming to accelerate the development of two of its key experimental drug programmes. The funding is expected to support upcoming clinical trials focused on cancer immunotherapy and obesity treatment.

The company said the proceeds will fund critical milestones, including the first patient dosing in a phase IIa clinical trial for its cancer-related drug candidate POLB 001, and a proof-of-concept study for its oral GLP-1 weight-loss programme.

POLB 001 is an oral tablet designed to prevent cytokine release syndrome (CRS), a severe and potentially fatal immune reaction experienced by some cancer patients undergoing immunotherapy. Poolbeg said the candidate addresses a “significant market opportunity expected to exceed US$10 billion,” citing independent research commissioned by the firm. The company also reported that a major pharmaceutical partner has agreed to supply the antibody required for the trial at no cost.

The share placing is being executed through an accelerated bookbuild managed by Shore Capital and is expected to raise at least £2.655 million. An additional £1.345 million will be secured through direct subscriptions, including up to £100,000 via the BookBuild platform for retail investors. Shares are being offered at 2.5p each, a 12% discount to the prior trading day’s closing price.

The company stated that the combined funds, along with its existing reserves, would extend its financial runway into 2027. As of 31 December 2024, Poolbeg reported a cash balance of £7.8 million, reflecting what it described as disciplined capital allocation.

In parallel, Poolbeg is advancing its oral GLP-1 programme. These drugs mimic a naturally occurring gut hormone that regulates blood sugar and appetite and are widely used in the treatment of obesity and diabetes. Poolbeg's proprietary encapsulation technology is designed to improve the oral delivery of these therapies, which are usually administered via injection. The company expects the forthcoming trial to begin in the coming months.

Positive results from both clinical programmes could position Poolbeg for partnerships or commercial deals, particularly as GLP-1 therapies continue to attract global attention in the pharmaceutical industry.

In a separate update, the company posted its full-year results for 2024, reporting a loss of £5.8 million, attributed to ongoing investments in its research pipeline. Poolbeg said its artificial intelligence-led discovery platforms continue to generate new therapeutic targets and compounds, with discussions ongoing with potential partners.

The company also announced a leadership change during the period, with co-founder Cathal Friel appointed executive chair. Friel has held leadership roles in other biotech firms within the same corporate group, including hVIVO and Amryt Pharma.