Portage Biotech Inc. - PRTG STOCK NEWS

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.

Pfizer (NYSE: PFE) and Biohaven (NYSE: BHVN) announced the European Commission's marketing authorization for VYDURA® (rimegepant), the first medication approved for both acute and prophylactic treatment of migraines in adults. VYDURA® is an orally disintegrating tablet that targets a significant unmet need for migraine treatment in the EU, affecting around one in ten people. Clinical studies demonstrate its efficacy in reducing migraine symptoms and the frequency of attacks. The approval covers all 27 EU countries, with local reimbursement to follow.

Portage Biotech Inc. (NASDAQ: PRTG) announced a Cooperative Research and Development Agreement with the National Cancer Institute (NCI) and Stimunity, S.A.S to enhance cancer vaccine efficacy. The collaboration aims to develop STING agonists and anti-RAGE agents, leveraging the NCI’s resources for preclinical and potential clinical advancement. The STING pathway enables targeted immune response, while anti-RAGE agents may counteract immune suppression in cancer progression. Portage's innovative approach uses systemic delivery mechanisms to enhance vaccine effectiveness, with multiple clinical readouts expected in the next 12-24 months.

Portage Biotech Inc. (NASDAQ: PRTG) recently presented late-breaking preclinical data at the AACR 2022 Annual Meeting, highlighting the potential of PORT-5 (STI-001), a stimulator of interferon genes (STING) agonist. Data shows that this therapy, delivered via a virus-like particle, activates tumor-specific T cells and preferentially targets dendritic cells, enhancing anti-tumor responses. The study suggests that PORT-5 can be combined with other immunotherapies for improved efficacy against cancer, marking a significant advancement in the development of STING-based therapies.