Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) has made ‘significant progress’ since its IPO last June and remains well funded, according to the company’s broker, finnCap.
In a note accompanying the interim results, it added that news events in the latter part of this year and into early 2023 'could be catalysts to enliven new shareholder interest’.
It reiterated its valuation of 15p a share – a significant premium to the current price of 4.82p, up 4.7%.
finnCap also pointed out that with £18.9mln in cash as of June 30, Poolbeg’s enterprise value currently stands at a bargain basement £4.1mln.
Earlier Tuesday, the company said it is expecting a busy end to the year and start to 2023 after strong progress was made in moving its assets along the value chain in the first half of 2022.
READ: Poolbeg Pharma eyes busy second half as value inflexion point nears
Of keen interest will be the results from POLB 001, a treatment for severe flu. A human challenge study got underway in July with results expected by the end of this year.
This could be a ‘value inflexion point’ which, if the data are favourable, would see Poolbeg look for a licensing partner to take on the development of the asset.
In those circumstances, the company might expect to receive upfront and downstream milestone payments.
It also has two artificial intelligence-led programmes being used to analyse human challenge data to identify new drugs for respiratory syncytial virus (RSV) and flu.
Data from the former is expected by the end of 2022, while the read-out from the latter is due in the first quarter of 2023.
Investment in its research and development effort added to administrative expenses meant the group posted a loss of £1.6mln for the period ended June 30, 2022.