New investors confident in Poolbeg progress

Anglo-Irish firm Poolbeg Pharma (AIM: POLB) has announced that a number of new investors have expressed interest in acquiring up to £1.6 million ($2.1 million) in shares of the company which are currently locked-up and held in trust by Croft Nominees as a result of the distribution in specie from Open Orphan (LON: ORPH).

The infectious diseases company, which is a spin out of contract research organization Open Orphan, held an initial public offering (IPO) in July 2021, and has a cash balance of nearly £21 million.

"Coming mainly from high-net-worth family offices, our new investors have shown great interest in the Poolbeg story"Directors of Poolbeg have described the emergence of these new investors as a clear vote of confidence in the progress of Poolbeg since the IPO, including with the clinical development of the POLB 001 program for severe influenza, which is due to commence in June 2022. First data from the forthcoming lipopolysaccharide human challenge clinical trial is expected before the end of the year, at which point the company aims to rapidly monetize by partnering or out-licensing the asset for further development.