Portage Biotech Reports Business And Strategic Update; Prioritize The Adenosine Clinical Candidates; iNKT Clinical Development Paused To Focus Resources; Company Will Evaluate Range Of Strategic Options
Portfolio Pulse from Benzinga Newsdesk
Portage Biotech Inc. (NASDAQ:PRTG) announced a strategic update, prioritizing its adenosine clinical candidates and pausing the iNKT clinical development to focus resources. The ADPORT-201 trial for PORT-6 and PORT-7 is progressing well, with plans to present data later this year. The company is also collaborating with Merck on KEYTRUDA combinations. Due to funding constraints, Portage is pausing the PORT-2 iNKT program and exploring strategic options, which may include partnerships. A cost-savings plan is being implemented, including workforce reductions.
January 04, 2024 | 1:04 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Portage Biotech is prioritizing adenosine clinical candidates and pausing iNKT development due to funding constraints. The company is collaborating with Merck and implementing cost-saving measures, including workforce reductions.
The strategic shift to prioritize adenosine candidates and the collaboration with Merck could be seen as positive, but the pausing of the iNKT program and workforce reductions indicate financial constraints, which could concern investors. The net impact is neutral as the market digests both positive and negative aspects.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100