After raising £25mln in its initial public offer (IPO) at a price of 10p, the shares rose to 10.5p in early deals on Monday.
The clinical-stage infectious disease pharmaceutical company said it will use the funds from the placing, which was increased from original plans to raise £20mln, for clinical trial costs associated with development of a drug to treat severe influenza and potentially other areas, as well as for work on advancing other portfolio assets to monetisation.
Poolbeg said it also might make acquisitions or develop other infectious disease assets.
Chief executive Jeremy Skillington said: “The IPO and funds raised have provided a strong platform to begin our rapid growth plan. With experienced management on board and the exciting assets acquired from Open Orphan, we look forward to delivering value to our shareholder base and generating innovation in the previously overlooked infectious disease space which is now one of the fastest growing markets and is expected to exceed $250bn by 2025.”
He said the company’s capital-light model has been well received by investors.
“We intend to drive business development through product in-licensing and acquisitions, which will provide continued momentum and value creation for our shareholders. At the core of our business, we are patient-focused and customer-led and plan to use our extensive network to become a 'one-stop shop' for big pharma, developing and partnering the infectious disease assets that they need.”