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Poolbeg Pharma plc

Results of the proposal to purchase shares from Distribution in Specie shareholders

Vast majority of Distribution in Specie shareholders opt to remain invested following the end of the lock-up period, demonstrating strong shareholder confidence as Company enters clinical phase of its development

27 April 2022 - Poolbeg Pharma (AIM: POLB, OTCQB: POLBF, 'Poolbeg' or the 'Company'), a clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces the results of the proposal from a number of New Investors to purchase shares from distribution in specie shareholders ahead of the end of the lock-up period.

As published via an RNS on 11 April 2022, the Company sourced a number of New Investors that offered to purchase up to £1.6m distribution in specie shares at a price of 5.9 pence being the closing price on 8 April 2022 (the last trading day prior to that announcement). The Company can now confirm that these proposals have been accepted by distribution in specie shareholders seeking to sell a total of £366k of Poolbeg shares, representing only 3% of the distribution in specie shares.

The vast majority, representing 97% of distribution in specie shareholders, have decided to remain invested in Poolbeg following the end of the lock-up period. Overall, the proposals have demonstrated strong shareholder confidence in the Company as it enters the exciting clinical phase of its development.

The distribution in specie shares were held by Croft Nominees Limited ("Croft") on behalf of the shareholders who received these shares as a result of the demerger of Poolbeg from Open Orphan plc on 18 June 2021. These shares were locked up for a period of nine months post Poolbeg's IPO on 19 July 2021, to help create an orderly market in the Poolbeg shares post-IPO.

This lock-up period ended on 20 April 2022 and the distribution in specie shareholders who decided to remain invested in Poolbeg will be sent a share certificate over the coming days. Shareholders can then dematerialise the share certificate and hold the shares via CREST if they so choose. For any distribution in specie shareholders who originally held their Open Orphan shares on 17 June 2021 in a nominee account or any other type of account, then the new Poolbeg share certificate will be sent to the shareholders' broker or account manager. Shareholders who accepted the proposal to sell £366k of shares will receive funds to their accounts over the coming days.

Poolbeg ended 2021 well capitalised with a strong cash balance of £20.9m, so it is important to note that the Company was not raising any new funds as part of this £1.6m proposal from New Investors to purchase distribution in specie shares. As such, there will be no dilution to existing shareholders from the acceptance of the £366k from New Investors to the distribution in specie shareholders.

An FAQ can be found on the Company's website here.

Cathal Friel, Chairman at Poolbeg Pharma said: "We are delighted to see that the vast majority of distribution in specie shareholders have decided to remain invested in Poolbeg. This demonstrates the very strong confidence among these shareholders in the Company, which has made significant progress since its IPO and has multiple value inflection points expected in 2022 and beyond.

"We were pleased to receive interest from the New Investors which ensures that any potential shares sold as part of this initiative would go to committed, long-term investors. This proposal also offered distribution in specie shareholders the option to sell shares prior to the end of the lock-up period, if they chose to do so. Additionally, considering the significant £1.2m unrealised demand by these New Investors, we remain optimistic that some, if not all, of these New Investors may now seek to purchase Poolbeg shares in the open market, given their interest and belief in the Poolbeg story as it enters the exciting clinical phase of its development.

"Going forward, following the end of the lock-up period, we now expect substantially increased liquidity in Poolbeg shares which we believe will help us to attract additional new shareholders, including specialist life science investors, as we continue to deliver on our strategy in order to maximise shareholder value over the long-term."

The New Investors' proposals were not open for participation by persons interested in shares who are residents or citizens of or who have an address in, or who otherwise appear to the Company or SLC Registrars to be connected to, the United States (or any of its territories or possessions), Canada, Australia, Japan, Belarus or Russia.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (as implemented into English law) ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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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