Protagonist Therapeutics develops peptide-based therapeutics using a proprietary discovery platform, with programs spanning inflammation and immunology, hematology and metabolic disease. Company news centers on ICOTYDE™ (icotrokinra), an oral IL-23 receptor-targeted peptide approved for moderate-to-severe plaque psoriasis, and rusfertide, a hepcidin mimetic peptide for polycythemia vera developed with Takeda.
Recurring updates also cover collaboration economics with Johnson & Johnson's Janssen Biotech and Takeda, clinical and regulatory milestones, R&D spending on wholly owned discovery programs, financial results, investor conference participation and equity-based inducement awards under Nasdaq rules.
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Protagonist Therapeutics (NASDAQ:PTGX) announced the pricing of its underwritten public offering of 5 million shares at $20.00 per share, totaling $100 million in gross proceeds. The offering is expected to close around April 10, 2023. Proceeds will fund continued clinical development of rusfertide and general corporate purposes. Underwriters have the option to purchase an additional 750,000 shares. Major underwriters include J.P. Morgan, Jefferies, and Piper Sandler. The registration statement for the offering was effective as of August 16, 2022.
Protagonist Therapeutics (NASDAQ:PTGX) announced a public offering of $100 million in common stock, with a 30-day option for underwriters to purchase an additional $15 million. The proceeds will fund clinical development of rusfertide and general corporate purposes. The offering is subject to market conditions, with no guarantee of completion or terms. Jointly managed by J.P. Morgan, Jefferies, and Piper Sandler, the offering's registration statement became effective on August 16, 2022. Interested investors should consult the SEC's website for the prospectus.
Protagonist Therapeutics (PTGX) reported positive results from the Phase 2b FRONTIER 1 study of JNJ-2113 for moderate-to-severe psoriasis and the REVIVE study of rusfertide for polycythemia vera, achieving significant endpoints. The FRONTIER 1 study demonstrated a greater proportion of patients achieving PASI-75 responses compared to placebo, with no significant adverse events noted. Financially, Protagonist ended 2022 with $237.4 million in cash, sufficient to fund operations through 2024, despite a net loss of $127.4 million for the year. They are preparing for a Phase 3 study of rusfertide, with potential milestone payments of up to $855 million.
Protagonist Therapeutics (NASDAQ:PTGX) announced positive topline results from the REVIVE study on rusfertide, demonstrating significant improvement in responders (69.2% for rusfertide vs. 18.5% for placebo; p=0.0003). The study focused on patients with polycythemia vera, revealing that 92.3% of rusfertide subjects remained phlebotomy-free. Rusfertide showed no new safety signals and was well tolerated. The results support rusfertide's potential as a transformative option for PV treatment. The company is prioritizing the Phase 3 VERIFY study, aiming to expand its development pipeline for this promising therapeutic.