Poolbeg Pharma PLC (AIM:POLB) reported many operational and market updates alongside maiden full-year results on Thursday, including that it is in constant discussions with other pharma and biotech companies about in-licensing, out-licensing and other deals as it aims to become a 'one-stop shop' for infectious disease drugs.
After being spun out from Open Orphan PLC (AIM:ORPH, OTC:OPORF) onto AIM last July with the aim of developing multiple products faster than conventional biotechs, the company said it is “on track” to begin the human challenge trial for its lead product, POLB 001, a treatment for severe influenza, in June.
Having expanded its portfolio since the initial public offer with three further drug licences, Poolbeg said it is currently evaluating opportunities for non-dilutive grant funding to support the development of its pipeline.
Once data is received from the POLB 001 study in the second half of 2022, the company said it will look to secure ways of monetising the asset via licensing or partnership agreements with pharma and biotech companies, a key process in its asset-light business model.
Further developments for other portfolio assets are also expected later this year, including preliminary outputs in the second half of the year from the artificial intelligence discovery programme for respiratory syncytial virus (RSV), as part of the deal struck with OneThree Biotech last month.
For the past calendar year the company reported a loss of £2.3mln, which included the non-recurring costs of establishing and floating the group, and leaving a £20.9mln on the balance sheet at the end of the period.
Chief executive Jeremy Skillington added: “Our capital-light business model is working well, leaving us with significant financial resources to invest in growing our pipeline further and developing our offering to pharma, without any need for further investment."
To help counter a perceived ‘overhang’ affecting the shares ahead of the forthcoming end to the lock-in of shares received as part of the Open Orphan spin-out, the board is putting in place “a series of actions that will reduce or eliminate the potential for these shares to impact the market”.
Chairman Cathal Friel said he believes there won't be a large sell-off and, as the single largest shareholder of the company, “I will make it my duty to ensure that the share price starts performing again. I want to make it clear that none of us are happy with where the share price is currently given the drop since IPO. Market conditions have been and remain extremely challenging however, I want to reassure you that we are actively working on creating demonstrable value as we drive the business forward.”