Welcome to our dedicated page for Portage Biotech news (Ticker: PRTG), a resource for investors and traders seeking the latest updates and insights on Portage Biotech stock.
Portage Biotech Inc. (NASDAQ: PRTG) is a leading clinical-stage immuno-oncology company based in Canada. The company is dedicated to developing innovative therapies aimed at overcoming immune resistance in cancer patients. With a strong focus on unmet clinical needs, Portage Biotech is managing an impressive pipeline of 10 immuno-oncology assets at various stages of development.
Portage Biotech's key products include IMM-60, an invariant natural killer T cell (iNKT) engager, and PORT-6 and PORT-7, which are adenosine 2A (A2A) and adenosine 2B (A2B) inhibitors, respectively. These assets are being developed for various cancers, including non-small cell lung cancer (NSCLC) and advanced melanoma.
Notably, the company recently presented updates from its ongoing IMPORT-201 Phase 1/2 trial of PORT-2 (IMM-60) and its ADPORT-601 adaptive Phase 1a/1b trial for PORT-6 and PORT-7 at the Society for Immunotherapy of Cancer's (SITC) Annual Meeting. The data shows promising results in safety and tolerability, as well as potential efficacy in combination therapies with Merck’s anti-PD-1 therapy, KEYTRUDA® (pembrolizumab).
Portage Biotech's unique business model leverages strong partnerships with academic experts and large pharmaceutical companies to rapidly advance multiple products efficiently. The company's commitment to patient-centric approaches and innovative trial designs aims to identify and target patient populations most likely to benefit from treatment. Despite challenges, including the decision to pause further drug development in the PORT-2 iNKT program due to funding constraints, Portage Biotech is focused on advancing its adenosine platform and continuing impactful clinical trials.
For the latest updates, financial results, and to learn more about ongoing and future projects, visit their official website.
Portage Biotech (NASDAQ: PRTG) has entered into a Letter of Intent (LOI) with Immunova, a private Connecticut-based biotechnology company, regarding a potential acquisition of iOx Therapeutics. Under the proposed agreement, Immunova would acquire the entire share capital of iOx, a wholly owned subsidiary of Portage that develops liposomal iNKT agonists. iOx's lead candidate, PORT-2, has shown promising preliminary clinical activity.
The transaction aims to advance innovative therapies while creating value for Portage shareholders. The deal remains subject to definitive agreements, closing conditions, and regulatory approvals. Both companies are committed to completing the transaction promptly and will provide updates as needed.
Portage Biotech (NASDAQ: PRTG) received a noncompliance notice from Nasdaq on December 10, 2024, due to insufficient shareholders' equity. The company reported shareholders' equity of $695,000 as of September 30, 2024, falling below Nasdaq's minimum requirement of $2.5 million. Additionally, PRTG does not meet alternative listing criteria of $35 million market value or $500,000 net income from continuing operations.
The company has until January 24, 2025, to submit a compliance plan to Nasdaq. If accepted, Portage may receive an extension until June 8, 2025, to regain compliance. The company's shares continue trading under 'PRTG' while they work to address these requirements.
Portage Biotech (NASDAQ: PRTG) reported financial results for Q3 2024, showing a net loss of $1.4 million, down from $5.2 million in Q3 2023. Operating expenses decreased to $1.6 million from $5.9 million year-over-year. R&D costs dropped 83% to $0.7 million, while G&A expenses decreased 48% to $0.9 million.
The company has paused the ADPORT-601 trial pending additional financial resources and is exploring strategic alternatives, including potential partnerships, sale, merger, or restructuring. As of September 30, 2024, Portage had cash and cash equivalents of $1.8 million with current liabilities of $0.9 million.
Portage Biotech Inc. (NASDAQ: PRTG) reported financial results for the fiscal quarter ended June 30, 2024. The company incurred a net loss of $1.7 million, down from $4.2 million in the same quarter last year. Operating expenses decreased to $2.8 million from $5.0 million, primarily due to reduced R&D costs. The company is exploring strategic alternatives, including potential partnerships, sale, merger, or restructuring. Two advanced patients continue on PORT-6 beyond 6 months, and one patient in the ADPORT-601 trial will be replaced. As of June 30, 2024, Portage had cash and cash equivalents of $3.3 million and total current liabilities of $3.0 million.
Portage Biotech Inc. (NASDAQ: PRTG) reported financial results for the fiscal year ended March 31, 2024. The company incurred a net loss of $75.4 million, down from $104.7 million in the previous year. Operating expenses increased to $18.2 million, with R&D costs rising 44% to $12.5 million. The company is exploring strategic alternatives, including potential partnerships, sale, or restructuring. Portage has discontinued its iNKT clinical trial for PORT-2 and paused enrollment in the ADPORT-601 trial for PORT-6 and PORT-7. As of March 31, 2024, Portage had $5.0 million in cash and cash equivalents and $2.9 million in current liabilities.
Portage Biotech (NASDAQ: PRTG) has announced a 1-for-20 reverse stock split of its ordinary shares, effective August 15, 2024. This strategic move aims to increase the per-share trading price and ensure compliance with Nasdaq's minimum $1.00 bid price requirement for continued listing. The split will convert every 20 pre-split shares into 1 post-split share, with fractional shares rounded up. Trading will continue under the symbol 'PRTG' with a new CUSIP number.
The reverse split will uniformly affect all shareholders, maintaining their percentage interest in the company, except for minor adjustments due to fractional shares. Outstanding options, warrants, and equity incentive plans will be adjusted accordingly. Notably, the number of authorized shares remains unlimited under British Virgin Islands law.
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