Poolbeg Pharma plc announces FY2024 Results and Proposed Fundraising to raise approximately £4.1 million

Poolbeg Pharma plc (AIM: POLB) has today announced its Results for the year ended 31 December 2024. The Company has also announced a proposed conditional fundraising to raise gross proceeds of, in aggregate, approximately £4.1 million through the issue of new ordinary shares of 0.02 pence each in the capital of the Company.

The full RNS announcements can be found in the attached PDFs. Highlights of the announcements can be found below.

Highlights from the FY2024 Results:

• Cash balance of £7.8 million as at 31 December 2024, reflecting disciplined capital allocation to drive pipeline advancements
• Cathal Friel appointed as Executive Chair to drive performance and seek to replicate the success of other companies he co-founded, including hVIVO plc and Amryt Pharma plc
• POLB 001’s potential to improve patient access to cancer immunotherapies validated by an independent committee of international key opinion leaders
• Independent research confirmed a potential market opportunity of more than US$10 billion for POLB 001 as an oral preventative therapy for cancer immunotherapy-induced Cytokine Release Syndrome (“CRS”)
• Positive preclinical data demonstrated statistically significant cytokine inhibition of POLB 001 and a dose dependent reduction in clinical CRS score – facilitating the expansion of patent applications and supporting its development in a Phase 2 clinical trial
• The preclinical data was also presented at the 66th American Society of Hematology (ASH) Annual Meeting and Exposition and garnered interest from industry leaders and potential partners
• The US Patent Office granted the Immunomodulator II patent application covering a class of drugs, including POLB 001, to treat or prevent hypercytokinemia (cytokine storm) induced in any disease indication
• Amid sustained global interest in glucagon-like peptide 1 receptor agonists, the Company progressed towards commencement of a proof of concept trial for its oral GLP-1 programme in the coming months
• Poolbeg’s artificial intelligence (“AI”) led drug discovery programmes have successfully identified potential drug targets and treatments - discussions with potential partners are ongoing

The Fundraising comprises:

• a placing of new Ordinary Shares (the "Placing Shares") to raise not less than £2.655 million via an accelerated bookbuild process (the “Placing”);
• direct subscriptions for new Ordinary Shares (the "Subscription Shares") to raise approximately £1.345 million (the "Subscription"); and
• a conditional offer of new Ordinary Shares (the "BookBuild Offer Shares") to existing eligible retail investors (the "BookBuild Offer") via the BookBuild Platform to raise up to £100,000, announced separately.

If you are interested in speaking with a member of Poolbeg’s management team, please get in touch.