Poolbeg Pharma Publish Interim Results From Last Six Months
Poolbeg Pharma , a clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces its unaudited interim results for the six months to 30 June 2023.
Interim Results Highlights and Business Update
- Strong cash balance of £14.1 million as at 30 June 2023 (31 December 2022: £16.2m).
- Positive results from the POLB 001 LPS human challenge trial. The asset has the potential to be an effective treatment for severe influenza and potentially other acute inflammatory conditions.
- Strategic expansion of POLB 001 into oncology, including as a potential treatment option for Cytokine Release Syndrome (CRS), a side-effect associated with up to 95% of CAR T cell therapies.
- Further to discussions with prospective partners interested in this area, the Company is actively exploring a potential new indication for POLB 001 in oncology beyond CAR T.
- The Company’s artificial intelligence (AI) programme with CytoReason provided unparalleled insights into influenza infection and successfully identified a number of novel and valuable drug targets.
- The lab-based validation of the Respiratory Syncytial Virus (RSV) drug targets and treatments identified from the Company’s AI-led programme is progressing and expected to complete in H2 2023.
- The Poolbeg-led Oral Vaccine consortium (EncOVac), which was awarded €2.3 million in grant funding, progressed to the next phase of development, marked by the commencement of the encapsulation validation process.
- Continued progress on the Oral GLP-1 agonist proof-of-technology clinical trial preparation. As a result of adopting recommendations from a number of Key Opinion Leaders (KOLs), the clinical trial design has been refined and the trial is expected to commence in H1 2024.
- Industry veteran, Professor Brendan Buckley, appointed as Non-Executive Director in May 2023.
Jeremy Skillington, PhD, Chief Executive Officer of Poolbeg Pharma, commented:“During H1 2023, we made significant progress in advancing our pipeline, bolstered by the strong clinical trial data for POLB 001 and breakthroughs in our AI-led drug discovery programmes, we are building towards becoming an efficient one-stop-shop for biopharma seeking products to in-license. With a cost-effective R&D approach, complemented by a strong balance sheet and multiple non-dilutive funding opportunities, we are well positioned for ongoing development and future growth with a strong focus on our business development activities.”