LONDON (ShareCast) - (Sharecast News) - Poolbeg Pharma announced on Friday that it has conditionally raised a total of £4.865m in gross proceeds through an upsized and oversubscribed BookBuild offer, placing, and subscription.
The AIM-traded firm said the BookBuild offer alone raised £0.15m through the issue of six million shares at 2.5p each, with demand exceeding available allocation.

It said the offer was conducted on a soft pre-emption basis, giving priority to existing shareholders, with final allocations scaled back where orders exceeded entitlements.

Proceeds from the fundraising would be used to support a phase 2a clinical trial of POLB 001, which targets the prevention of cancer immunotherapy-induced cytokine release syndrome, and to fund a proof-of-concept clinical trial for Poolbeg's oral GLP-1 candidate.

The company said the capital injection extended its cash runway through to 2027.

Admission of the new shares to trading on AIM was expected at 0800 BST on 25 June.

On admission, the company's total issued share capital would increase to 697.2 million ordinary shares, which would all carry voting rights.

At 1340 BST, shares in Poolbeg Pharma were down 5.1% at 2.42p.

Reporting by Josh White for Sharecast.com.

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