Poolbeg Pharma (POLB) , a clinical-stage biopharma company focused on infectious diseases, said it has partnered with a Nasdaq-listed biopharma company for the development of an optimised oral drug to treat a metabolic condition.
Under the collaboration agreement, Poolbeg will receive funding to work with its new partner to produce a prototype drug utilising Poolbeg's licensed oral delivery technology. Poolbeg said it believes its patented technology can help optimise the delivery of its partner's novel drug to its ideal site of therapeutic action. Poolbeg expressed optimism that the collaboration can progress to a full licensing agreement.
"Our partner recognises the benefits of Poolbeg's licensed oral delivery technology and we look forward to optimising the development of this innovative drug for patients in an area where there is a clear unmet need. We are optimistic that this strategic collaboration has the potential to progress to a full licensing agreement." said Jeremy Skillington, PhD, CEO of Poolbeg Pharma.
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More good news from Poolbeg as it pens an agreement with a Nasdaq-listed biotech that has the potential to progress to a full licensing agrement for Poolbeg's patented oral delivery technology. Poolbeg has an exclusive license to patented oral delivery technologies for all metabolic conditions, and is already utilising it for its own oral GLP-1 agonist programme.
Should the partnership progress to a full licensing agreement whereby the Nasdaq-listed biopharma integrates Poolbeg's oral delivery technology into its pipeline, it will mean significant further income for Poolbeg. This is already a major milestone for the company on its journey toward early revenues, underscoring its commitment to advancing treatments for metabolic conditions.
Markets welcomed the news, driving POLB shares 10.8% higher on Tuesday. Shares are up 24% year-to-date.
Poolbeg detailed significant progress across its portfolio in its recently issued interim update for H1 2023. The company advanced its pipeline significantly during the period with strong clinical trial data for its flagship POLB 001 candidate and breakthroughs in its AI-led drug discovery programmes. POLB 001 is shaping up to be a highly valuable asset as an effective treatment for severe influenza and potentially other acute inflammatory conditions, in addition to oncology indications. Poolbeg is currently in discussions with potential oncology partners for POLB 001, with an agreement likely to be signed in 2023 or 2024.
Poolbeg's aforementioned oral GLP-1 vaccine programme represents another significant commercial opportunity, addressing significant unmet medical need. The platform has the potential to be licensed to partners or developed internally within Poolbeg, positioning the company to help tackle a broad range of infectious diseases. A proof-of-technology clinical trial for the vaccine candidate is expected in H1 2024.
Poolbeg's loss and cash position at period-end remained broadly unchanged as it continued its cost-effective R&D approach. A comfortable £14.1m cash balance and other non-dilutive funding will keep Poolbeg financed through its development pipeline. With the addition of today's announced partnership with a Nasdaq-listed biotech, Poolbeg is chasing multiple near-term value inflection points, giving investors much to look forward to in the coming months.
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