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Poolbeg Pharma PLC (AIM:POLB), the clinical-stage biopharmaceutical, has raised £3.5 million before expenses through a share placing. Cathal Friel, executive chair, subscribed for £250,000 of the placing.

Cavendish has reiterated its 'buy' rating on Poolbeg Pharma PLC (AIM:POLB), arguing that the drug developer's first patient dosing marks the start of a value-creating period for the shares. The broker set a target price of 19p, implying upside of about 170% from the current 7.4p (up 5% on the day).

Poolbeg Pharma PLC (AIM:POLB), a clinical-stage biopharmaceutical company focused on cancer immunotherapy, has dosed the first patient in its POLB 001 TOPICAL clinical trial. The AIM-listed company is testing POLB 001 as a preventative treatment for cytokine release syndrome, a potentially serious immune reaction, in patients with relapsed or refractory multiple myeloma.

Poolbeg Pharma PLC (AIM:POLB), the biopharmaceutical company focused on cancer immunotherapy, said it had been granted a patent in South Africa for its lead drug candidate, POLB 001. The patent covers the use of POLB 001 in preventing severe influenza and hypercytokinaemia, an excessive immune response also known as a cytokine storm, and runs until December 2038.

Shares in PPoolbeg Pharma PLC (AIM:POLB) rose 3% to 7.8p on Tuesday, taking their gain for the year to date to around 100%, after the drug developer secured a key European patent. The European Patent Office has agreed to grant a patent covering POLB 001, Poolbeg's experimental treatment for preventing cytokine release syndrome (CRS), a dangerous immune reaction triggered by some cancer immunotherapies.