Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) said it is actively in discussions with prospective partners to further explore oncology indications for POLB 001.
The company strategically expanded the scope of its lead asset into the area of cancer with a patent filing in January 2023.
In doing so it was targeting cytokine release syndrome (CRS), a side-effect that impacts up to 95% of cancer patients receiving CAR T cell therapy, which can be life-threatening in severe cases.
A potential new indication beyond CAR T is also being actively explored "further to discussions with prospective partners with interest in this area".
"Expanding the potential of POLB 001 beyond severe influenza remains a key objective for the company to fully unlock the potential value of the molecule and strengthen Poolbeg's position for partnering and out-licensing," investors were told.
The update came alongside interim results, which showed the group was in a financially robust position with £14.1 million in the bank.
It was a period of significant progress, according to CEO Jeremy Skillington, one in which Poolbeg revealed positive results from the POLB 001 LPS human challenge trial, indicating its potential efficacy in treating severe influenza and other acute inflammatory conditions.
The company's artificial intelligence (AI) collaboration with CytoReason has yielded groundbreaking insights into influenza infection and identified novel drug targets.
Lab-based validation for respiratory syncytial virus (RSV) drug targets, derived from the AI programme, is in progress and set to complete in the second half of 2023.
Additionally, the Poolbeg-led oral vaccine consortium, EncOVac, which secured €2.3 million in grant funding, has advanced to its next developmental phase. The company is also making headway on the Oral GLP-1 agonist clinical trial, expected to commence in the first half of 2024.
As is common for companies investing heavily in research and development, Poolbeg was loss-making. For the six months ended 30 June 2023, the deficit was £1.8 million.