Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) has said it is working towards its first partnering ‘transaction’ for POLB 001 after a successful period in which it conducted a first human challenge study on its lead asset to assess its potential in severe flu.
On its own, this would be a significant achievement. However, the drug developer has been active in broadening its pipeline in 2022 – adding POLB 002 for severe respiratory virus infections and POLB 003 for melioidosis.
It has also broadened the potential applications for POLB 001 to include cancer while putting the business on a strong financial footing.
Poolbeg exited last year with £16.2mln on the balance sheet, while a consortium led by the company raised just over £2mln in grant funding for its research.
It has also added artificial intelligence capabilities to drug development activities and is working on both RSV and flu programmes.
“Our strong cash position, coupled with the excellent data achieved in our LPS human challenge trial for POLB 001, position us well for 2023 as we work towards our first partnering transaction,” said Poolbeg chief executive Jeremy Skillington in the company's full-year 2002 results statement.
“We remain committed to disciplined capital allocation, cost-effective R&D, and strategic partnerships, as we continue to pursue our goal of becoming a one-stop-shop for pharma and biotechs seeking products to in-license," he added.
Full-year results showed the business made a loss of £4.7mln, with £2.2mln spent on R&D in the 12 months ended December 31, 2022, with administrative expenses totalling £3.1mln.