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.
The PRTG news page on Stock Titan provides an archive of disclosures and press releases for Portage Biotech Inc., now renamed AlphaTON Capital Corp. Company communications describe a transition from being solely a clinical-stage immuno-oncology company to operating with two primary business lines: a legacy oncology research and development portfolio and a new digital asset treasury strategy centered on The Open Network (TON) token and the Telegram ecosystem.
News items associated with the former PRTG symbol include updates on clinical and preclinical programs such as PORT-6, a highly selective A2A adenosine receptor antagonist, and PORT-7, a selective A2B adenosine receptor inhibitor. Press releases report confirmatory and promising preclinical data in mesothelioma models, plans to commence first-in-human trials for PORT-7, and the resumption of enrollment in the final dose-escalation cohort for PORT-6 in the ADPORT-601 Phase 1b trial. Additional oncology-related news covers the re-launch of the adenosine-focused subsidiary as Cyncado Therapeutics and strategic transactions such as a stock-for-stock exchange with Compedica Holdings Limited.
Filings and press releases also describe capital markets developments, including private financings, at-the-market offering agreements, and Nasdaq listing compliance updates. More recent news under the company’s new name, AlphaTON Capital Corp, focuses on the launch of a TON digital asset treasury strategy, a significant private placement involving both cash and cryptocurrency, and loan and treasury management agreements intended to support large-scale TON acquisitions and management.
Investors and researchers can use this page to review how the business mix, financing activities, and strategic direction have evolved from Portage Biotech’s immuno-oncology focus under PRTG to AlphaTON Capital Corp’s combined digital asset and legacy oncology strategy associated with the ATON ticker.
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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