Portage Biotech Inc - PRTG STOCK NEWS

Portage Biotech Inc. (NASDAQ: PRTG) announced participation in Citi's 2023 Virtual Oncology Leadership Summit scheduled for February 22, 2023, at 9:00 AM ET. The management team will engage in a fireside chat, which will be accessible via a webcast here. A replay will be available approximately 12 hours post-event and will be hosted on the investor section of the Portage Biotech website for one year. Portage is a clinical-stage immuno-oncology company focusing on multi-targeted cancer therapies, including first-in-class invariant natural killer T cell small molecule engagers and adenosine antagonists.

Pfizer reported record revenues of $100.3 billion for full-year 2022, up 23% year-over-year, driven by operational growth of 30%. Fourth-quarter revenues reached $24.3 billion, marking 2% growth. Reported diluted EPS for 2022 was $5.47, up 42%, while adjusted diluted EPS rose 62% to $6.58. For 2023, Pfizer anticipates revenues of $67.0 to $71.0 billion, primarily due to a decline in COVID-19 product sales. However, excluding these products, operational growth of 7% to 9% is expected. The company aims to invest significantly in launches and R&D to drive long-term growth, including anticipated launches of new products.

Portage Biotech Inc. (NASDAQ: PRTG) announced its financial results for the quarter ending September 30, 2022, reporting a net loss of approximately $1.1 million, significantly down from $2.9 million during the same period in 2021. The company continues to progress with its lead iNKT agonist, PORT-2, showing a favorable safety profile. A new clinical collaboration with Merck aims to evaluate PORT-2 alongside KEYTRUDA for NSCLC treatment. Operational costs rose slightly due to increased clinical trial expenditures and staff-related expenses.

Wilson Sonsini Goodrich & Rosati announces Jon Soderstrom as the new Chief Licensing Advisor (East) in its New York office. Previously managing director at Yale University's Office of Cooperative Research, Soderstrom played a significant role in developing technology transfer initiatives and raising over $1 billion for more than 45 new ventures. His expertise in technology and pharmaceuticals is expected to enhance the firm's client relationships and contributions to the entrepreneurial community on the East Coast.

Portage Biotech Inc. (NASDAQ: PRTG) announced updates on its Phase 1/2 study of PORT-2, an iNKT agonist for refractory non-small cell lung cancer and melanoma, at the SITC 2022 conference. The data indicates a favorable safety profile and early efficacy signals for PORT-2, particularly at the 3 mg/m² dose. The study, expanding in the U.S. and EU, explores PORT-2 as both a monotherapy and in combination with Merck’s KEYTRUDA. Encouraging findings include increased PD-L1 expression and CD86+ B cells, suggesting potential synergy with current treatments. Further updates are anticipated as the trial progresses.

Portage Biotech Inc. has partnered with Merck to evaluate PORT-2, an iNKT agonist, in combination with KEYTRUDA for treating non-small cell lung cancer (NSCLC). The study, part of the IMPORT-201 trial, will assess its effectiveness in both front-line and PD-1 resistant patients. Preliminary data indicates that PORT-2 enhances PD-L1 expression and has shown promise as a monotherapy. This collaboration aims to expand potential treatment options for NSCLC patients while leveraging KEYTRUDA's established efficacy in immunotherapy.

Pfizer Inc. reported its third-quarter 2022 results, with revenues of $22.6 billion, a 6% decline compared to the previous year. Excluding contributions from Paxlovid and Comirnaty, the revenue showed a 2% operational growth. Reported diluted EPS increased by 6% to $1.51, and adjusted diluted EPS rose 40% to $1.78. The company raised its 2022 revenue guidance to $99.5-$102 billion and narrowed its adjusted diluted EPS guidance to $6.40-$6.50. Pfizer's pipeline includes promising candidates with positive Phase 3 data, and it plans to launch up to 19 new products within 18 months.

Pfizer has completed its acquisition of Biohaven Pharmaceutical for $11.6 billion, paying $148.50 per share. This acquisition adds the innovative migraine therapy NURTEC® ODT and a portfolio of CGRP receptor antagonists, including rimegepant and zavegepant, to Pfizer's pipeline. These drugs aim to serve over 1 billion migraine patients globally. The merger enhances Pfizer's Internal Medicine portfolio with strong growth potential through 2030 and beyond. Biohaven became a wholly-owned subsidiary, while Biohaven Ltd. retained non-CGRP assets and will continue trading under the ticker BHVN.

Portage Biotech Inc. (PRTG) has outlined its strategic focus on advancing its clinical development programs, specifically targeting immuno-oncology therapies through its iNKT and adenosine platforms. Major goals include converting the PORT-2 study into a company-sponsored trial and launching new studies in the U.S. Clinical trials are set to provide efficacy readouts in multiple tumor types over the next two years. Despite challenges, the company anticipates key data releases through 2024, aiming to expand its pipeline and enhance treatments for cancers.