Poolbeg Pharma plc (LON:POLB, OTCQB:POLBF, ‘Poolbeg’ or the ‘Company’), a biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need, has announced its audited results for the year ended 31 December 2023.
Financial & Corporate Highlights
· Cash balance of £12.2 million as at 31 December 2023
· Industry veteran, Professor Brendan Buckley, appointed as Non-Executive Director
· Recruitment of key management hires, former executives of Amryt Pharma plc, a rare disease company that was acquired by Chiesi Farmaceutica for US$1.48 billion
Operational Highlights
· Positive results from POLB 001 LPS human challenge trial revealed potent target inhibition and major reductions in key inflammatory markers
· Strategic expansion of POLB 001 as a preventative therapy for cancer immunotherapy-induced Cytokine Release Syndrome (CRS)
· POLB 001 patent portfolio strengthened with new patent filings and grants
· Positive conclusion to the Immunomodulator I patent opposition with the opposition withdrawn
· Multiple novel influenza drug targets identified as part of Artificial Intelligence (AI) led programme with the prioritised targets endorsed by Poolbeg’s Scientific Advisory Board
· Positive outputs from the lab-based analysis and successful prioritisation of the Respiratory Syncytial Virus (‘RSV’) treatment candidates identified as part of AI-led programme
· Signed a strategic collaboration agreement with a Nasdaq listed biopharma company for the development of an optimised oral drug to treat a metabolic condition
· POLB 001 data presented at 65th American Society of Hematology (ASH) Annual Meeting and Exposition and the 18th International Congress of Immunology (IUIS), and garnered interest from global industry leaders in the field of bispecific antibodies and CAR T cell therapies
· The Company engaged with a number of Key Opinion Leaders (KOLs) to refine the clinical trial design for its oral GLP-1R programme and is working towards commencement of its proof-of-technology clinical trial in 2024
Post Period End
· Positive in vivo data confirmed POLB 001’s efficacy in reducing cancer immunotherapy-induced CRS in an animal model, strengthening and facilitating the expansion of patent applications for POLB 001 in cancer immunotherapy-induced CRS
· Independent Advisory Board of Key Opinion Leaders, healthcare payers and clinical trial experts, were supportive of POLB 001’s potential to both prevent and treat cancer immunotherapy-induced CRS
· Independent research confirmed a market opportunity exceeding US$10 billion[1] for POLB 001 as an orally delivered preventative therapy for cancer immunotherapy-induced CRS
· Cathal Friel, Co-Founder and significant shareholder, assumed the role of Executive Chairman
Jeremy Skillington, PhD, Chief Executive Officer of Poolbeg Pharma, commented: “We made excellent progress and hit multiple key milestones in 2023, the most important of all perhaps was filing patent applications which will give us international protection over the use of POLB 001 as a preventative therapy for cancer immunotherapy-induced CRS, in addition to the existing severe influenza indication. With a market opportunity exceeding US$10 billion in cancer immunotherapy-induced CRS, positive data generated, and a robust patent portfolio – POLB 001 has great potential to generate significant value for shareholders.
“Our disciplined approach to capital allocation has ensured that we have maintained a robust cash position. We remain focussed and are getting good engagement on partnering to maximise the value of our in-house programmes. Poolbeg has the expertise to succeed in our strategy of developing, partnering and commercialising innovative medicines to generate near-term revenues with a goal to achieve sustainable profitability.
“Going forward, I believe we are well positioned to generate value for our shareholders, while addressing significant unmet medical needs across multiple disease areas.”
