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Open orphan spin-out Poolbeg upbeat despite losses

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Poolbeg Pharma, an infectious disease company that emerged from Irish company Open Orphan, said it is gaining momentum despite losses in 2021 and a fall in its share price.

The London-listed company, whose advisory board includes biochemistry professor Luke O’Neill, announced a loss of £2.3 million (€2.78 million) for 2021, including one-off costs from setting up the group last summer .

In its audited results to the end of December 2021, released today, Poolbeg reported £20.9m (€25.2m) in cash after raising £23.2m (€28m) for its initial public offering (IPO). ) last July.

The company said it operates a “capital light” model aimed at reversing treatments quickly and inexpensively.

Targeting the growing infectious disease market, expected to be worth $250 billion by 2025, Poolbeg is slated to begin human trials in June for a treatment for severe flu.

Poolbeg is now using artificial intelligence (AI) to analyze data from its studies after signing US firm OneThree Biotech and intends to list on the US over-the-counter market later this year.

Chairman Cathal Friel – Poolbeg’s largest single shareholder and co-founder of vaccine research firm Open Orphan – said he will make it a “duty” to increase the share price despite “extremely difficult” market conditions.

Poolbeg’s shares have fallen by more than half since it was listed last July.

Mr. Friel said the price volatility was due to a “backlog” of shares received by open orphan shareholders as a result of the spin-off, which have been blocked until now.

“I want to be clear that none of us are happy with where the stock price is right now given the decline since the IPO,” said Mr. Friel.

He said the company would take “a number of measures” to reduce the impact on the market from the release of the shares and said UK residents should not be liable for income tax on the shares, it was because they are sold.

“I am very optimistic that our share price will perform over the coming months and more importantly that we will continue to advance our business model as outlined at the IPO as we rapidly grow Poolbeg into a unique public company, this is a ‘one stop shop’ for pharmaceutical and biotech companies looking for a range of infectious disease assets to develop over the coming months and years,” said Mr. Friel.

https://www.independent.ie/business/irish/open-orphan-spin-out-poolbeg-upbeat-despite-losses-41407433.html Open orphan spin-out Poolbeg upbeat despite losses

Fry Electronics Team

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