Poolbeg Pharma (AIM: POLB, OTCQB: POLBF), a biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need, announces that it has received notification on 19 February 2024.
Cathal Friel, Executive Chairman of the Company, purchased 830,000 ordinary shares at a price of 11.68 pence per share (the “Purchase”).
Cathal Friel, Executive Chairman said: I am a great believer in Poolbeg’s potential and our ability to replicate the success of Amryt Pharma, another company which I co-founded, but in a much shorter period of time.
Through POLB 001’s strategic expansion into the cancer immunotherapy space, where it has a >$10bn market opportunity, we have created huge value in a relatively short period of time. This is in addition to Poolbeg’s other exciting high-value programs. With the former Amryt executives now on board, we have an exceptional management team in place to accelerate the growth of the Company and to create value for shareholders. I believe the share price is undervalued at these levels and hence my investment yesterday.
Following the Purchase, Cathal holds 37,219,757 ordinary shares representing approximately 7.4 per cent of the Company’s issued share capital.
