Poolbeg Pharma has signed a strategic collaboration agreement with a Nasdaq-listed biopharmaceutical company to develop an optimised oral drug for a metabolic condition using Poolbeg’s licensed oral delivery technology, the companies announced Tuesday.
Poolbeg Pharma shares were 8% higher at the time of writing on Tuesday.
The companies will work together to produce a prototype drug utilising Poolbeg’s technology to optimise the delivery of the Nasdaq company’s novel drug to its ideal therapeutic site.
Poolbeg believes the collaboration could expand to a full licensing agreement allowing the Nasdaq company to integrate the oral delivery technology into its pipeline.
Poolbeg said the agreement marks a milestone and represents a step toward early revenues and advances the company’s commitment to developing treatments for metabolic conditions.
Under the deal, Poolbeg will receive funding to collaborate on producing the prototype oral drug.
Jeremy Skillington, PhD, Chief Executive Officer of Poolbeg Pharma, said:
“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.”