Portage Biotech Reports FY24 Net Result Of $(75.4)M Vs $(104.7)M Last Year; Says Discontinuing iNKT Clinical Trial For PORT-2; Continues To Explore Strategic Alternatives, Including Restructurings (Both In And Out Of Court)
Portfolio Pulse from Benzinga Newsdesk
Portage Biotech reported a net loss of $75.4 million for FY24, an improvement from the $104.7 million loss last year. The company is discontinuing its iNKT clinical trial for PORT-2 and pausing patient enrollment in other trials due to funding requirements. Portage is exploring strategic alternatives, including partnerships, sales, mergers, restructurings, or further financing.
August 15, 2024 | 11:15 am
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Portage Biotech reported a reduced net loss for FY24 and is discontinuing its iNKT clinical trial for PORT-2 due to funding issues. The company is exploring various strategic alternatives, including partnerships, sales, and mergers.
The discontinuation of the iNKT clinical trial and pausing of other trials indicate significant operational challenges. The exploration of strategic alternatives, including potential sales or mergers, adds uncertainty to the company's future. These factors are likely to negatively impact the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100