Poolbeg Pharma 1H22 results reveal strong cash position, value in development pipeline
( ), a clinical stage infectious disease company, announced today unaudited results for the 6 months ended 30 June 2022 (H1 2022).
POLB 001
The company made significant progress in developing POLB 001, an advanced treatment for severe influenza. An LPS human challenge trial commenced in July 2022, with initial results expected by year end.
Poolbeg has signed a supply agreement for POLB 001, and GMP manufacturing is now completed. A key US patent was granted in May 2022.
Poolbeg said it continues to explore further applications for POLB 001 beyond severe influenza.
AI drug discovery programmes
Poolbeg signed an agreement with OneThree Biotech in February 2022 to identify new drug targets and treatments for Respiratory Syncytial Virus (RSV). The company reported good progress on the programme with the "model build and optimisation" completed in June 2022, and results expected by end of 2022.
Additionally, Poolbeg signed in March an agreement with CytoReason Ltd to identify novel drug targets for influenza. Data analysis is ongoing and first results are expected in Q2 2023, the company said.
Operational Highlights
Poolbeg’s portfolio also includes POLB 002, an advanced intranasally administered RNA-based immunotherapy for respiratory virus infections, and POLB 003, an intramuscular Melioidosis vaccine.
Poolbeg licensed POLB 002 from the University of Warwick in January 2022, with key patents granted in April 2022 and in May 2022. The company has completed diligence in relation to exercising an exclusive option agreement to license POLB 003.
Poolbeg also licensed AnaBio Technoloiges' micro and nanoencapsulation technology in January to develop an oral vaccine delivery platform.
View from Vox
Poolbeg Pharma's business model is rather unique in that the company aims to develop and bring products through to early human proof of concept in the clinic, then partner with pharma and biotech companies that continue the pipeline to production and distribution. Thus, Poolbeg profits from the relatively inexpensive human trial process, now enhanced with their partners' AI analysis, and then exits at the scale-up stage.
The company remains very well funded with a strong cash balance of £18.9m on 30 June 2022, enabling it to jump on high-value opportunities and quickly fund development.
In the next 6 months, the company will hit a number of important milestones, including initial results from its LPS human challenge trial for POLB 001 by year-end, and preliminary outputs from its RSV and influenza AI drug discovery programmes by year-end and Q2 2023 respectively.
POLB 001 is Poolbeg's current flagship product, which the company aims to out-license to US and/or European pharma and biotech partners, targeting a significant upfront payment plus royalties. POLB 001 should begin to generate value shortly after completion of trials by end of 2022.
Poolbeg is also investigating POLB 001's applications and potential value beyond severe influenza. POLB 001's ability to reduce hyperinflammation would be valuable in a wide range of applications and treatments.
Since the outbreak of Covid-19, infectious disease has become one of the fastest growing pharma markets and is expected to exceed $250bn by 2025. With its strong cash position, Poolbeg is successfully targeting this growing market. Since its IPO a year ago, the company has made significant progress in developing new products. As listed above, its long development pipeline has the potential to drive value for shareholders starting in Q4 2022 and into 2023. If these value inflection points coincide with a broader recovery of equity/small-cap markets, then there will be significant potential for upside in the company's shares.
CEO Interview
CEO, Jeremy Skillington, discusses the Company's interim results with Vox Markets. The Company maintains its well capitalised position with a strong cash balance of £18.9m as at 30 June 2022.
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