Poolbeg Pharma (POLB) has raised £3.5 million through a placing to fund the continued development of its clinical pipeline, strengthen its position in partnering discussions and extend its expected cash runway into the second quarter of 2028.
The clinical-stage biopharmaceutical company issued 58.3 million new shares at 6 pence each.
The proceeds will fund the ongoing POLB 001 TOPICAL trial and the company's Oral GLP-1 proof-of-concept study through to completion. Poolbeg said the additional funding, together with existing cash resources, is expected to support operations into the second quarter of 2028 while strengthening its position in ongoing commercial partnering discussions.
Executive Chair Cathal Friel participated in the placing with a £250,000 subscription, demonstrating continued board support for the company's strategy.
“This successful fundraise is a great market endorsement of Poolbeg, our strategy and pipeline,” said Poolbeg Chief Executive Officer Dr Jeremy Skillington.
“Not only does it extend our expected cash runway into Q2 2028, but it strengthens the Company's position in ongoing partnering discussions. Once the data from the POLB 001 TOPICAL trial becomes available, this additional capital will ensure we are best placed to leverage the interest in partnering POLB 001 and generate meaningful value for our shareholders.
“We are also delighted to welcome OAK Securities as joint broker. Their institutional reach and ongoing support will be invaluable as we execute our strategy.”
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The placing gives Poolbeg additional financial flexibility as it approaches important clinical milestones, particularly the POLB 001 TOPICAL trial. With funding secured into 2028 and management focused on partnership opportunities, the company is better positioned to negotiate from a position of strength if positive clinical data emerges.