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Highlights

  • Poolbeg Pharma secures £4.865 million through oversubscribed share offering.

  • Funds to support Phase IIa trial for POLB 001 and proof-of-concept trial for oral GLP-1 therapy.

  • Capital injection extends company's operational runway into 2027.

Poolbeg Pharma PLC (LSE:POLB), a clinical-stage biopharmaceutical company listed on the London Stock Exchange, has announced the successful completion of an upsized and oversubscribed share offering that raised approximately £4.865 million in gross proceeds. The fundraising extends its operational runway through to 2027.

The new capital was raised through the issuance of 6 million ordinary shares priced at 2.5 pence each, via a bookbuild process. This latest offering generated an additional £150,000, building on funds previously secured through a placing and subscription. The offer, according to Poolbeg, attracted robust interest and was oversubscribed. Allocation of shares was managed under a soft pre-emption framework that favoured existing shareholders.

Poolbeg Pharma confirmed that the net proceeds from the offering will be allocated towards advancing its key clinical assets. Central to this is the funding of a Phase IIa clinical trial for its flagship drug candidate POLB 001. This programme is aimed at preventing cytokine release syndrome (CRS), a potentially severe side effect triggered by some cancer immunotherapies. The condition, marked by an overactive immune response, can pose significant risks to patients undergoing such treatments.

Additionally, a portion of the proceeds will be used to finance a proof-of-concept clinical trial for a novel oral GLP-1 therapy. GLP-1, or glucagon-like peptide-1, is a hormone that plays a crucial role in regulating blood sugar and appetite. It has become a key target for a new generation of treatments for obesity and type 2 diabetes. Poolbeg’s oral formulation represents a potential alternative to current injectable GLP-1 drugs, and could offer improved patient convenience and compliance.

The successful raise comes at a pivotal time for Poolbeg Pharma as it continues to build out its innovative pipeline of infectious disease and metabolic disorder therapies. CEO Jeremy Skillington expressed confidence in the company’s strategic direction, noting that the new funding will "accelerate our most promising programmes and deliver long-term value for shareholders."