Portage Biotech Inc Stock Price, News & Analysis

Portage Biotech (NASDAQ: PRTG) has presented promising preclinical data for PORT-7, their selective Adenosine A2B receptor inhibitor, at the 2025 European Lung Cancer Congress. The study showed significant results in a murine mesothelioma model, demonstrating:

• Single agent activity for PORT-7
• Over 90% tumor growth inhibition when combined with anti-PD1 antibody
• Significant infiltration of CD3 and CD45 positive immune effector cells in tumors

The company is preparing to initiate a first-in-human clinical trial with PORT-7. Additionally, Portage is advancing the dose escalation of PORT-6, their A2A adenosine receptor inhibitor, with plans to co-administer both drugs in the ongoing ADPORT-601 trial. This combination aims to achieve complete blockade of adenosine-induced immunosuppression in the tumor microenvironment.

Portage Biotech (NASDAQ: PRTG) has resumed enrollment in the fourth and final cohort of dose escalation for PORT-6, its selective A2A antagonist, in the ADPORT-601 Phase 1b clinical trial. The trial, previously paused due to funding concerns, was restarted following encouraging findings in earlier cohorts.

After completing the PORT-6 arm, the company will evaluate continuing the study with PORT-7 (A2B antagonist) and combination arms on a segment-by-segment basis. The planned co-administration of PORT-6 and PORT-7 in ADPORT-601 will be the first instance of combining two highly selective A2A and A2B antagonists in patients, aiming to achieve complete blockade of adenosine-induced immunosuppression in the tumor microenvironment.

Portage Biotech (NASDAQ: PRTG) has received an extension from Nasdaq to meet continued listing requirements. The company must achieve one of three compliance criteria by June 9, 2025: minimum shareholders' equity of $2.5 million, market value of listed securities of at least $35 million, or net income from continued operations of at least $500,000 in the most recent fiscal year or in two of the last three fiscal years.

Nasdaq will regularly review Portage's progress toward these goals. If the company fails to meet the requirements by the deadline or doesn't show consistent progress, Nasdaq will initiate delisting proceedings, though Portage would have the right to appeal to a Hearings Panel.

Portage Biotech (NASDAQ: PRTG), a clinical-stage immuno-oncology company, has successfully completed a private placement raising $2.15 million through the sale of 524,390 ordinary shares at $4.10 per share. The financing was secured from two Portage directors at the Nasdaq official Closing Price as of January 22, 2025. The company plans to utilize the proceeds for working capital and general corporate purposes across Portage and its subsidiaries.

Portage Biotech (NASDAQ: PRTG) announced the re-launch of its wholly-owned subsidiary as Cyncado Therapeutics, an independently managed company focused on developing adenosine receptor antagonists. Peter Molloy has been appointed as CEO of Cyncado, tasked with securing external financing and advancing the clinical development of A2a and A2b receptor antagonists.

The therapeutics are characterized by their potency, selectivity, and optimized binding characteristics, designed for dual administration to maximize synergy and achieve comprehensive blockade of immune evasion pathways in the tumor microenvironment. This approach aims to enhance the immune system's anti-tumor response and potentially transform immuno-oncology treatment options.

The re-launch strategy is part of Portage's commitment to unlocking asset potential and delivering shareholder value. Cyncado will focus on advancing clinical programs to achieve proof-of-concept data for its therapeutics in oncology.

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.