(Alliance News) - Poolbeg Pharma PLC on Monday said its shares started trading on the AIM market of the London Stock Exchange.
The pharmaceutical company's shares were priced at 10p each, equating to a market capitalisation at admission of GBP50 million. Poolbeg shares closed at 10.635p in London on Monday, up 6.4% from its IPO price.
The company noted that its fundraise was oversubscribed, which resulted in an increased raise to GBP25 million from GBP20 million, despite some investor scale back.
Poolbeg said it intends to use the proceeds from the fundraising to fund clinical trial costs associated with development of its POLB 001 asset as a treatment for severe Influenza and potentially other areas with label extensions.
The remaining monies will be used for work on advancing other portfolio assets to monetisation and to acquire and develop other infectious disease assets.
"The initial public offering and funds raised have provided a strong platform to begin our rapid growth plan," said Chief Executive Jeremy Skillington.
"We intend to drive business development through product in-licensing and acquisitions, which will provide continued momentum and value creation for our shareholders," added Skillington.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Poolbeg Pharma (POLB)