Poolbeg Pharma (POLB), a biopharmaceutical company specializing in the development of innovative medicines for unmet medical needs, delivered significant progress both in its corporate strategy and across it pipeline during the year ending December 31, 2023.
On the corporate side, Poolbeg brought in a team from Amryt Pharma, a rare disease specialist eventually sold for €1.48bn last year. The man behind Amryt and other companies including Hvivo (HVO), Cathal Friel, also joined Poolbeg as executive Chairman.
The move aligns with the company's mission to address diseases with high unmet medical needs, which has also seen Poolbeg announce a 12-month agreement with Silk Road Therapeutics. The deal will see Poolbeg acquire Silk Road’s novel topical mucoadhesive formulation of Pentoxifylline (tPTX) for Behçet's disease, an autoimmune disease that causes debilitating oral ulcers with no cure.
Silk Road’s novel treatment has already been through Phase 2 trials, and demonstrated superiority over current treatments, earning FDA Orphan Drug Designation and Fast Track Designation. The agreement positions Poolbeg for potential 505(b)(2) approval in the U.S, with plans to conduct due diligence and engage with Silk Road to determine the clinical approval pathway during the agreement term.
The company maintained its commitment to cost-effective development approaches, leveraging partnerships and collaborations to maximize efficiency. Notably, its collaboration with AI companies yielded promising insights into infectious diseases such as influenza and respiratory syncytial virus (RSV), showcasing its innovative approach to drug discovery.
This disciplined capital allocation approach ensured Poolbeg ended the year with a robust cash balance of £12.2 million at year-end, positioning the company for continued growth and value creation. Additionally, advancements in its oral GLP-1R delivery technology hold promise in addressing metabolic disorders, further diversifying Poolbeg's portfolio of innovative therapies. Poolbeg is working towards a proof-of-technology clinical trial for GLP-1R in 2024
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Poolbeg’s strategic expansion into oncology, coupled with advancements in its pipeline and innovative drug discovery platforms, underscores its commitment to driving innovation in the biopharmaceutical sector in a cost-effective manner.
With a strong leadership team with a proven track record in commercialization and strategic acquisitions in place supported by an expanding patent portfolio, Poolbeg is poised to deliver long-term value for shareholders while addressing unmet medical needs to deliver a meaningful impact on patient outcomes.