Portage Biotech Inc - PRTG STOCK NEWS

Portage Biotech Inc. (NASDAQ: PRTG) announced its financial results for Q4 FY22, reporting a net loss of approximately $7.5 million, up from $4.2 million in Q4 FY21. Operating expenses rose to $4.8 million, driven by a 32% increase in R&D costs to $2.5 million, primarily for clinical trials. The company is advancing its IMPORT-201 trial of PORT-2 in melanoma and non-small cell lung cancer, with a collaboration with Merck to evaluate PORT-2 with KEYTRUDA®. The Phase 1 portion of the ADPORT-601 trial is set to begin by the end of Q2 2023, and a Key Opinion Leader event will occur on March 9 to discuss the adenosine pathway in cancer.

Portage Biotech Inc. (NASDAQ: PRTG) will host a webinar on March 9, 2023, focusing on targeting the adenosine pathway in cancer treatment. The company aims to enhance immune responses through its adenosine 2A and 2B inhibitors while discussing insights from leading oncologists, Lawrence Fong and Sumit Subudhi. The event will highlight the challenges of cancer immune evasion related to adenosine and showcase Portage's innovative multi-targeted therapies. Attendees can register for the event, which includes a question and answer session, offering insights into the company's strategy and candidate progress.

Biohaven has announced that its investigational drug, taldefgrobep alfa, for treating Spinal Muscular Atrophy (SMA), has received Fast Track designation from the U.S. FDA, enhancing its potential for expedited review and approval. This follows the drug's previous acquisition of Orphan Drug Designation. Taldefgrobep aims to increase muscle mass by inhibiting the activity of myostatin, a protein that limits muscle growth. A Phase 3 clinical trial, named RESILIENT, is currently underway. SMA is a rare and progressive neurodegenerative disease affecting approximately 1 in 11,000 newborns in the U.S., highlighting an urgent need for effective treatments.

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.