Poolbeg Pharma secures £4.7 million in oversubscribed placing

LONDON - Poolbeg Pharma PLC, a clinical-stage biopharmaceutical company, has conditionally raised £4.715 million through an oversubscribed placing and subscription of new ordinary shares, the company announced today. The placing, which was upsized due to strong investor demand, resulted in the sale of 134.8 million new ordinary shares at 2.5 pence each, generating £3.370 million. Additionally, a direct subscription of 53.8 million new ordinary shares raised £1.345 million.

The fundraising initiative, which includes a retail offer through the Bookbuild Platform that remains open until the afternoon of Sunday, aims to raise up to an additional £100,000. The results of the Bookbuild Offer are expected to be disclosed on Monday.

Proceeds from the fundraising will support the advancement of key clinical trials, extending the company’s financial runway into 2027. These trials include a Phase 2a clinical trial for POLB 001, targeting the prevention of cancer immunotherapy-induced Cytokine Release Syndrome (CRS), with the first patient dosing anticipated in the second half of 2025 and topline data expected in the second half of 2026. POLB 001 is a p38 MAPK inhibitor with a potential market opportunity exceeding US$10 billion.

The company also plans to initiate an oral GLP-1 proof-of-concept clinical trial in the coming months, with topline data expected in the first half of 2026. This program aims to develop an effective oral GLP-1 alternative for the obesity market.

Poolbeg Pharma’s CEO, Jeremy Skillington, expressed gratitude for the robust investor support, which he described as a testament to the potential of the company’s programs, especially amidst challenging conditions in the biopharma financing market.

The placing is subject to the passing of resolutions at a general meeting scheduled for 23 June 2025, with a circular to be posted to shareholders on 27 May 2025. The company’s Executive Chair, Cathal Friel, participated in the placing, subscribing for 4 million new ordinary shares at the issue price.

Admission of the new ordinary shares to trading on the AIM market of the London Stock Exchange (LON:LSEG) is expected to occur on 25 June 2025. These shares will rank equally with the existing ordinary shares. This announcement is based on a press release statement from Poolbeg Pharma.

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