Poolbeg Pharma PLC (AIM:POLB) has raised £4.865 million in gross proceeds following an upsized and oversubscribed share offering, the London-listed biopharmaceutical company said on Friday, providing new capital to advance its clinical pipeline and extend its cash runway into 2027.
The company issued 6 million shares at 2.5 pence each through a bookbuild offer that raised £150,000, adding to funds previously secured through a placing and subscription. Poolbeg said the offer was oversubscribed, with allocations determined by soft pre-emption rights that prioritised existing shareholders.
Net proceeds will be used to support two key programmes: a Phase IIa trial of POLB 001, which targets the prevention of cytokine release syndrome caused by cancer immunotherapy.
And it will also underwrite a proof-of-concept clinical trial for an oral GLP-1 therapy. GLP-1, or glucagon-like peptide-1, is a hormone targeted by a new class of drugs for obesity and diabetes.