Poolbeg Pharma is a clinical stage infectious disease pharmaceutical company, with a capital light clinical model which the Directors believe enables it to develop multiple products faster and more cost effectively than the traditional biotech model. Poolbeg Pharma has aspirations to become a “one-stop shop” for Big Pharma seeking mid-stage products to license or acquire.
Incorporated in March 2021, and headquartered in London, Poolbeg Pharma is targeting the growing infectious disease market. In the wake of the COVID-19 pandemic, infectious disease has become one of the fastest growing and exciting markets with expected market value of $250bn by 2025.
The company was formed following a strategic decision by Open Orphan plc to demerge certain development assets from its core services led business, centred around vaccine and antiviral testing using human challenge clinical trials.
Admission to Trading on AIM
On 19th July 2021, admission and dealings commenced by way of a Subscription for 128,029,200 Subscription Shares, Subscription for 7,500,000 PrimaryBid Shares and Placing of 114,470,800 Placing Shares.
Use of proceeds and reasons for admission
The Company believes that raising money in a public market context provides a signal of quality to prospective partners and customers, raises the profile of the business, provides a supportive platform on which to accelerate existing assets through development and allows the Company to in-licence additional assets and technologies as appropriate.
The Directors also believe that the Fundraising will provide an opportunity to align the interests of key stakeholders in the business. The Company is proposing to raise approximately £25 million and the fundraising shares will represent approximately 50% of the Enlarged Share Capital.
The net proceeds of the Fundraising, approximately £23.2 million, will be used to:
- fund the clinical trial costs associated with development of POLB 001 as a treatment for severe influenza
- Preliminary work on developing other portfolio assets
- General working capital purposes
The Perivan shareholder communications team were delighted to work with finnCap who were appointed Nominated Adviser and Joint Broker on the successful publication of the 109-page admission document.
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