Poolbeg Pharma Ltd, a spin-off from Open Orphan PLC (LON:ORPH), has announced its intention to raise funds and float on AIM to allow it to acquire and/or license additional assets and technologies.
The company's lead product is a first-in-class, Phase II-ready small molecule immunomodulator for severe influenza, addressing an unmet market for effective treatments worth around US$800mln.
WATCH: Open Orphan spin-out Poolbeg Pharma 'ready to go' with plans to list on London market
Applications beyond influenza are also thought possible with label extensions to the drug, with Poolbeg holding worldwide rights for all potential uses.
Poolbeg did not say how much it intends to raise but said non-executive chairman Cathal Friel, who is executive chair of Open Orphan, has committed to participate in the IPO alongside incoming investors on the same terms.
The company said it has identified a pipeline of further assets for acquisition once it has raised the money and completed the IPO.
Talks are also underway with an AI data analysis platform to make use of Poolbeg's licensed access to Open Orphan's infectious disease progression data and bio banks to accelerate the identification of drug targets and other products.
Poolbeg has appointed Jeremy Skillington, formerly of Opsona Therapeutics, HS Lifesciences, Inflazome and others, as chief executive ahead of the float.
“The COVID-19 pandemic has placed the issue of infectious diseases firmly in the public eye; governments and international organisations are now investing heavily to ensure they are better prepared," Skillington said.
“Poolbeg Pharma is aiming to carve out a leading position in this rapidly evolving and expanding sector. We have an excellent heritage in infectious diseases and a management team with a track record of delivering value creation.
He said Poolbeg has a capital light business model that is an important differentiator from rivals.
“Through deep biological analysis of disease progression, we believe that it should enable us to reposition existing drug candidates and develop assets to Phase II stage quickly with relatively modest investment where they can then potentially be acquired / licensed to big pharmaceutical companies.
“We aim to be customer-led and will use our extensive network to become a 'one stop shop' for big pharma, developing the assets that they need.”