Portage Biotech Inc - PRTG STOCK NEWS

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.

Biohaven Pharmaceutical (NYSE: BHVN) and Vigeo Therapeutics announced their entry into the GBM AGILE trial, an adaptive platform study for glioblastoma treatments. This trial, which began in July 2019, aims to rapidly identify effective interventions for patients suffering from this aggressive brain cancer. Troriluzole and VT1021 will be tested in newly diagnosed and recurrent glioblastoma patients, with enrollment starting at Henry Ford Health in Detroit, expanding across over 40 sites in the US and globally. Overall, the trial seeks to optimize treatment outcomes through simultaneous testing of multiple therapies.

Portage Biotech Inc. (NASDAQ: PRTG) shared preliminary data from its Phase 1/2 trial of PORT-2, an iNKT agonist for treating melanoma and NSCLC, at the 2022 ASCO meeting. The results indicate a favorable safety profile and tolerability as a monotherapy, with evidence of single-agent activity in heavily pre-treated patients. The company plans to evaluate PORT-2 further, both as a standalone treatment and in combination with pembrolizumab. In addition, ongoing collaborations with Intensity Therapeutics have shown promising results in various cancer trials, including neoadjuvant breast cancer.

Pfizer has announced its acquisition of Biohaven, the maker of NURTEC® ODT, for approximately $11.6 billion. Shareholders will receive $148.50 per share in cash and shares in a new company retaining Biohaven's non-CGRP assets. The acquisition enhances Pfizer's Internal Medicine pipeline, focusing on migraine treatments with high market potential. NURTEC is already the leading migraine therapy in the U.S. The deal includes the purchase of Biohaven's CGRP programs and is expected to close by early 2023, pending approvals.