Poolbeg Pharma PLC (AIM:POLB) executive chairman Cathal Friel has upped his stake in the company he co-founded.
He bought 830,000 shares at 11.68p per share, spending just under £97,000 before costs, which he said was part of his ongoing commitment to the company, taking his stake to 7.4%.
"I am a great believer in Poolbeg’s potential and our ability to replicate the success of Amryt Pharma, another company which I co-founded, but in a much shorter period of time," he told Proactive.
"Through POLB 001’s strategic expansion into the cancer immunotherapy space, where it has a >$10bn market opportunity, we have created huge value in a relatively short period of time. This is in addition to Poolbeg’s other exciting high-value programs.
"With the former Amryt executives now on board, we have an exceptional management team in place to accelerate the growth of the company and to create value for shareholders.
"I believe the share price is undervalued at these levels and hence my investment," Friel said.