Portage Biotech Inc - PRTG STOCK NEWS

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.

Portage Biotech Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company, has announced its participation in two upcoming investor conferences.

They will present at the H.C. Wainwright 24th Annual Global Investment Conference on September 13, 2022, at 9:30 am ET and at Cantor Fitzgerald’s Oncology, Hematology, & HemeOnc Conference on September 28, 2022, at 1:45 pm ET. The management will also hold one-on-one meetings with investors at these events, emphasizing their commitment to improving treatment options and survival rates for patients with cancer.

Portage Biotech (PRTG) reported its financial results for Q2 2022, highlighting significant advancements in its clinical pipeline, including five small molecule immuno-oncology assets. The company extended its cash runway potentially into 2024 following a $30 million share purchase agreement with Lincoln Park Capital Fund. Financially, PRTG reduced its net loss from $3.2 million in Q2 2021 to $1.6 million in Q2 2022 while increasing operating expenses to $4.1 million. Key collaborations with research institutions and promising early data from clinical studies underscore PRTG's growth potential.

Portage Biotech Inc. (NASDAQ: PRTG) has announced leadership changes to strengthen its board. CEO Dr. Ian Walters will additionally serve as Chairman of the Board, while current Chairman Dr. Greg Bailey transitions to lead Director. The company also appointed Justin Fairchild, MPH, as Vice President of Development, enhancing its clinical immunotherapy expertise. These decisions reflect the board's confidence in Walters' leadership amid challenging market conditions as Portage prepares for multiple data readouts over the next year, including ongoing Phase 1/2 studies of innovative treatments.

Portage Biotech Inc. (NASDAQ: PRTG) reported its financial results for FY 2022, with a net loss of approximately $19.2 million, up from $17.2 million in FY 2021. Operating expenses increased to $15.6 million, primarily driven by a rise in general and administrative costs. However, the company has bolstered its pipeline by acquiring four adenosine-targeting assets and extending its cash runway into 2024 through a $30 million share purchase agreement. Portage's promising clinical data, particularly for its PORT-2 study, signifies ongoing progress in immuno-oncology treatment development.

Portage Biotech (PRTG) announced its FY 2022 financial results, reporting a net loss of approximately $19.2 million, up from $17.2 million in FY 2021. The company has recently enhanced its portfolio by acquiring four adenosine-targeting assets for about $21 million, potentially extending its cash runway into 2024 via a $30 million share purchase agreement. Despite a decrease in R&D costs to approximately $6.8 million, G&A expenses rose 73% to about $8.8 million. Portage's cash and cash equivalents as of June 30, 2022, were approximately $21 million.

Portage Biotech has acquired full ownership of iOx Therapeutics Ltd., obtaining the remaining 22% equity in exchange for 1,070,000 shares of Portage stock. This acquisition provides Portage complete rights to the iNKT agonist platform, including lead programs PORT-2 and PORT-3, which aim to enhance immune responses against solid tumors. A potential additional payment of $25 million in shares or cash is tied to a clinical milestone. Preliminary data from these programs is expected by early 2023, underlining Portage's commitment to advancing its immunotherapy portfolio.

Portage Biotech Inc. (PRTG) has acquired Tarus Therapeutics for approximately $21 million, gaining two clinical-stage and two preclinical adenosine compounds. This strategic move aims to enhance immuno-oncology treatments targeting the adenosine pathway, which is crucial in cancer treatment resistance. The deal involves the issuance of 2,425,999 shares and $3 million in liabilities. Additionally, a share purchase agreement with Lincoln Park Capital for up to $30 million is expected to extend Portage's cash runway into 2024. A conference call is scheduled for July 7, 2022, to discuss the acquisition and future plans.