TIDMPOLB
RNS Number : 4724G
Poolbeg Pharma PLC
30 March 2022
Poolbeg Pharma plc
Poolbeg Pharma commences trading on OTCQB Market in the United
States
30 March 2022 - Poolbeg Pharma (AIM: POLB, 'Poolbeg' or the
'Company'), a clinical stage infectious disease pharmaceutical
company with a unique capital light clinical model, announces that
trading in the Company's Ordinary Shares of nominal value of
GBP0.02 each ("Ordinary Shares") will commence today on the OTCQB
Venture Market in the United States. The Company's OTCQB shares
will have the ticker: POLBF.
There is no associated capital raise with this cross trading and
Poolbeg's Ordinary Shares will continue to trade on the Alternative
Investments Market (AIM) on the London Stock Exchange under ticker
POLB. Cross trading on the OTCQB market allows the Company access
to one of the world's largest investment markets to expand its
reach into a broader pool of investors. Poolbeg shares will be
available to US investors during US working hours and priced in US
dollars and thus has the potential to enable greater liquidity in
Poolbeg shares on AIM by easing cross-border trading for potential
US investors. Further information about the OTCQB market can be
found HERE . [has smart link: www.otcmarkets.com/learn/market-101
]
As a Foreign Private Issuer, Poolbeg's onboarding to the OTC
Markets is based on satisfaction of the requirements for OTCQB as
applicable to international reporting companies including
satisfaction of the criteria for the exemption under the US
Exchange Act Rule 12g3-2(b) from SEC reporting. The Rule 12g3-2(b)
exemption includes the disclosure obligation to ensure that certain
information made public or distributed under home market
regulations is made publicly available on the company's website or
other electronic information delivery system in English. Thus, the
Company will have no additional reporting obligations and incur
minimal ongoing costs, compared to traditional major exchanges.
As a verified market, the OTCQB offers transparent trading for
companies that have met a minimum bid price test, are current in
their financial reporting and have undergone an annual verification
and management certification process. The cross-trading facility is
provided through OTC Markets Group Inc., located in New York. OTC
Markets operates the world's largest electronic interdealer
quotation system for US broker dealers and offers multiple media
channels to increase the visibility of OTC-listed companies. Online
brokers such as Ameritrade, Fidelity Investments, Tradestation,
Charles Schwab and E-trade all offer OTCQB trades. US investors can
find real-time quotes, market information and access current
company news and developments for Poolbeg at www.otcmarkets.com
.
Since the Company listed on AIM in July 2021, it has continued
to make significant progress on its strategy to develop multiple
innovative infectious disease products faster and more cost
effectively than the conventional biotech model. Key strategic
areas have included:
-- Driving the clinical development of its POLB 001
programme for severe influenza which is expected to
report initial data from its forthcoming human
challenge trial before the end of 2022
-- Delivering on its plans to leverage its proprietary
databank of human challenge study derived disease
progression data to identify new pharmaceutical
assets using artificial intelligence, most recently
signing a deal with CytoReason to interrogate its
influenza data
-- Obtaining licensed access to use micro- and
nanoencapsulation technology to develop oral vaccines
for multiple disease indications
-- Adding a first-in-class, intranasally administered
RNA-based immunotherapy for respiratory virus
infections (POLB 002) to its portfolio
-- Signing an option to licence a vaccine against the
tropical and subtropical disease Melioidosis (POLB
003), while also evaluating a further 5 bacterial
vaccine candidates
Poolbeg engaged Nikolaos Galanopoulos of the corporate
securities law firm Galanopoulos & Company as its OTC Markets
Sponsor for the OTCQB onboarding.
Cathal Friel, Chairman of Poolbeg Pharma said:
"We believe that having a US cross trading facility is important
for the development of Poolbeg. It gives us the opportunity to
widen our potential investor base, which we believe may help future
liquidity, and capitalises on the interest in European stocks from
US investor. In our view, OTCQB is a good complement to our AIM
listing. The OTC markets have expanded in recent years beyond pink
sheet listings, and now include a premium market (OTCQX) for
companies such as Danone and Roche, and a venture market (OTCQB)
for companies of Poolbeg's size."
Jeremy Skillington, CEO of Poolbeg Pharma added:
"Importantly, the OTCQB trading facility will provide access to
one of the world's largest investments markets with no additional
reporting obligations and minimal ongoing costs, compared to
traditional major exchanges. This cross trading facility has the
potential to enable greater liquidity in Poolbeg shares on AIM by
easing cross-border trading for potential US investors.
We believe this listing will enable US institutional and retail
investors to share in the growth of Poolbeg as we build the Company
into a leading infectious disease pharmaceutical company. This
action also fits with our long-term strategy and ambitions to be
dual listed on a national securities exchange in the US, such as
Nasdaq, subject to meeting their listing requirements; this is a
step in the right direction."
Jonathan Dickson, VP of International Corporate Services at OTC
Markets, said:
"We are delighted to welcome Poolbeg Pharma to the OTCQB Venture
Market. With its primary listing remaining on London's AIM, the
OTCQB's cross-trading facility will allow Poolbeg to broaden its
horizons and provide investors in the U.S. with the ability to
access the Company's Ordinary Shares in U.S. dollars and during
U.S. market hours."
- Ends -
Enquiries
Poolbeg Pharma Plc
Jeremy Skillington, CEO
Ian O'Connell, CFO +44 207 183 1499
finnCap Ltd (Nominated Adviser & Joint
Broker)
Geoff Nash, James Thompson, Charlie
Beeson
Richard Chambers, Sunila de Silva (ECM) +44 (0) 20 7220 0500
Arden Partners PLC (Joint Broker)
John Lewellyn-Lloyd, Louisa Waddell +44 (0) 207 614 5900
J&E Davy (Joint Broker)
Anthony Farrell, Niall Gilchrist +353 (0) 1 679 6363
Instinctif Partners +44 (0) 20 7457 2020
Melanie Toyne Sewell, Rozi Morris, Tim poolbeg@instinctif.com
Field
About Poolbeg Pharma
Poolbeg Pharma is a clinical stage infectious disease
pharmaceutical company, with a capital light clinical model which
aims to develop multiple products faster and more cost effectively
than the conventional biotech model. The Company, headquartered in
London, is led by a team with a track record of creation and
delivery of shareholder value and aspires to become a "one-stop
shop" for Big Pharma seeking mid-stage products to license or
acquire.
The Company is targeting the growing infectious disease market.
In the wake of the COVID-19 pandemic, infectious disease has become
one of the fastest growing pharma markets and is expected to exceed
$250bn by 2025.
With its initial assets from Open Orphan plc , an industry
leading infectious disease and human challenge trials business,
Poolbeg has access to knowledge, experience, and clinical data from
over 20 years of human challenge trials. The Company is using these
insights to acquire new assets as well as reposition clinical stage
products, reducing spend and risk. Amongst its portfolio of
exciting assets, Poolbeg has a small molecule immunomodulator for
severe influenza (POLB 001); a first-in-class, intranasally
administered RNA-based immunotherapy for respiratory virus
infections (POLB 002); and a vaccine for Melioidosis (POLB 003).
The Company is also developing an oral vaccine delivery platform
and is progressing two artificial intelligence (AI) drug discovery
programmes to accelerate the power of its human challenge model
data and biobank.
For more information, please go to www.poolbegpharma.com or
follow us @PoolbegPharma
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