Result of Placing and Notice of General Meeting

Result of Placing

and

Notice of General Meeting

Key Highlights of the Placing

• Conditionally raised £4.715 million pursuant to a significantly oversubscribed Placing, which was upsized due to strong investor demand, and Subscription comprising of:

o Placing of 134.8 million new Ordinary Shares, raising gross proceeds of £3.370 million at the Issue Price

o Subscription of 53.8 million new Ordinary Shares, raising gross proceeds of £1.345 million at the Issue Price

• BookBuild Offer remains open until 4.30pm on 22 May 2025, with the potential to raise up to an additional £100,000
• Use of net proceeds from the Fundraising:

o Phase 2a clinical trial for POLB 001, targeting prevention of cancer immunotherapy-induced Cytokine Release Syndrome (CRS)

o Oral GLP-1 proof-of-concept clinical trial

o Cash runway extended through to 2027

Poolbeg Pharma plc (AIM: POLB, 'Poolbeg Pharma' or the 'Company'), a clinical-stage biopharmaceutical company focussed on the development of innovative medicines to address unmet medical needs, announces that, further to the announcement made earlier today regarding the Fundraising (the "Launch Announcement"), it has conditionally raised gross proceeds of £4.715 million, including £3.370 million by way of a placing (the "Placing") of 134,800,000 new ordinary shares of 0.02 pence each (the "Ordinary Shares") in the capital of the Company, with the Placing upsized due to strong investor demand, and £1.345 million through the direct subscription of 53,800,000 new Ordinary Shares, each at a price of 2.5 pence per new Ordinary Share (the "Issue Price").

As detailed in the Launch Announcement earlier today, the Company also launched the BookBuild Offer through the Bookbuild Platform to raise gross proceeds of up to £100,000. The BookBuild Offer provides existing retail Shareholders in the United Kingdom with an opportunity to participate in the Fundraising at the same price as the Placing. The Retail Offer is expected to be open until 4.30 p.m. on 22 May 2025 and the results of the BookBuild Offer are expected to be announced on 23 May 2025.

The Company will use the net proceeds of the Fundraising to realise the following meaningful expected value inflection points whilst, together with the Company's existing resources, providing financial runway into 2027:

· POLB 001's Phase 2a trial: First patient dosed is expected in H2 2025 and Phase 2a topline data is expected in H2 2026, including interim analysis in H1 2026. POLB 001 is a potentially breakthrough, orally delivered p38 MAPK inhibitor designed to prevent cancer immunotherapy-induced Cytokine Release Syndrome ("CRS"), a severe, potentially life-threatening side effect of cancer immunotherapies. Poolbeg's decision to expand into oncology with POLB 001 has unlocked a significant market opportunity expected to exceed US$10 billion, as confirmed by independent research commissioned by Poolbeg. There are strong indications from Big Pharma to provide the necessary bispecific antibody, free of charge, to support the Phase 2a trial which represents a significant validation as to the industry interest in POLB 001 and its potential. The Company sees potential for partnering on positive data from this trial.

• Oral GLP-1 proof of concept trial: The trial is expected to start in the coming months and topline proof of concept data expected H1 2026. The oral GLP-1 programme is comprised of a proprietary encapsulation technology to potentially offer an effective oral GLP-1 alternative for the growing obesity market and overcome oral delivery challenges of peptide-based biologicals. The Company believes that successful results from the trial may support partnering and multiple opportunities for value creation.

Commenting on the Fundraising, Jeremy Skillington PhD, Chief Executive Officer, said: "It is a tremendous endorsement for the Company and the potential of both our POLB 001 and Oral GLP-1 programmes that investors have supported us so robustly, despite very challenging conditions in the biopharma financing market. We are grateful for their support and look forward to putting their investment to work in the clinic and moving these programmes forward through upcoming critical value inflection points."

Shore Capital Stockbrokers Limited ("SCS") acted as sole bookrunner in connection with the Placing (the "Bookrunner").

Details of the Placing and Notice of General Meeting

The Placing is conditional upon, inter alia, the passing of the Resolutions and the Placing Agreement between the Company, Shore Capital and Cavendish Capital Markets not having been terminated in accordance with its terms.

A circular (the "Circular"), containing details of the Placing and convening a general meeting of the Company proposed to be held at the offices of DAC Beachcroft LLP at The Walbrook Building, 25 Walbrook, London, England, EC4N 8AF, UK at 2.00 p.m. on 23 June 2025 (the "General Meeting") in order to pass the Resolutions, is expected to be posted to Shareholders on 27 May 2025. The Circular, once published, will be available on the Company's website at www.poolbegpharma.com and the Company will make a further announcement confirming that the Circular has been published.

Director participation in the Placing

Cathal Friel, Executive Chair of the Company, who is a related party for the purposes of the AIM Rules, participated in the Placing by subscribing for 4,000,000 new Ordinary Shares at the Issue Price with an investment of £100,000 (the "Participation"). The Company's directors (excluding Cathal Friel and Ian O'Connell), having consulted with the Company's nominated adviser Cavendish, consider the terms of the Participation to be fair and reasonable insofar as the Company's shareholders are concerned. Although Cavendish has agreed that Mr O'Connell does not have a personal interest in the Participation, to avoid any perception of a conflict Mr O'Connell nevertheless recused himself given his previous employment relationship with Raglan Capital.

Admission, settlement and dealings

Admission is expected to take place at 8.00 a.m. on 25 June 2025 and dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on 25 June 2025 or, in each case, such later time and/or date as Shore Capital and the Company agree (being in any event no later than 8.00 a.m. on 23 July 2025).

The ISIN number of the Company's Ordinary Shares is GB00BKPG7Z60. The TIDM is POLB.