Poolbeg Pharma PLC (LSE:POLB) has outlined significant advancements for its lead drug, POLB 001, in its recent first-half results report, which also noted a cash balance of £10.1 million as of June 30.

POLB 001 is being developed as the first approved therapy that provides both prevention and treatment options for cytokine storms in patients undergoing cancer immunotherapy. Independent research suggests a potential market opportunity of approximately $10 billion. During this reporting period, Poolbeg strengthened its patent and intellectual property portfolio, receiving a grant from the US Patent Office for an Immunomodulator II patent, which covers a class of drugs, including POLB 001, for the treatment or prevention of hypercytokinemia across various disease indications.

The company's engagement with potential partners regarding POLB 001 has generated interest, as noted by Chief Executive Jeremy Skillington. The independent confirmation of the drug's market potential has enhanced its attractiveness to pharmaceutical partners. Skillington emphasized that as companies seek to improve the safety and market reach of their cancer immunotherapies, POLB 001 is positioned to deliver value while addressing critical unmet medical needs.

Additionally, Poolbeg's strategy increasingly focuses on rare and orphan diseases, highlighted by a recent exclusive option agreement for tPTX, a novel topical treatment for oral ulcers in patients with Behçet's Disease, which has received US regulatory fast-track and orphan drug designations.

Upcoming developments include the initiation of a clinical trial for an orally-delivered GLP-1 receptor agonist aimed at the obesity market, projected to commence towards the end of 2024. Poolbeg noted the limited availability of oral GLP-1 receptor options, with its program aiming to enhance bioavailability and patient convenience through innovative delivery systems.

The reported cash balance is attributed to prudent financial management during a period of operational loss, with expenditures primarily on research and development and administrative costs, offset by tax rebates and other income. This financial stewardship positions Poolbeg well for its upcoming initiatives and strategic objectives.