(Alliance News) - Poolbeg Pharma PLC on Tuesday said it has agreed to collaborate with an unnamed Nasdaq-listed biopharmaceutical company for the development of an optimised oral drug to treat a metabolic condition.
Shares in Poolbeg were up 7.7% to 7.58 pence each in London on Tuesday morning.
The London-based infectious disease-focused biopharmaceutical company said it will receive funding under the agreement to work with its new partner to produce a prototype drug utilising Poolbeg's licensed oral delivery technology.
Poolbeg said it believes that this technology can help to optimise the delivery of its partner's novel drug to its ideal site of therapeutic action and that the collaboration could progress to a full licensing agreement in time, where the partner could integrate this oral delivery technology into its pipeline.
This marks another significant milestone in Poolbeg's journey towards early revenues, the company said, underscoring its commitment to advancing treatments for metabolic conditions.
"Our partner recognises the benefits of Poolbeg's licensed oral delivery technology and we look forward to optimising the development of this innovative drug for patients in an area where there is a clear unmet need. We are optimistic that this strategic collaboration has the potential to progress to a full licensing agreement," said Chief Executive Officer Jeremy Skillington.
By Greg Rosenvinge, Alliance News reporter
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Poolbeg Pharma (POLB)