Portage halts another trial as mulls alternatives

2024-04-12

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Portage Biotech reported on Friday that in order to extend its cash runway, it is expanding its assessment of strategic alternatives and implementing additional measures, including pausing the clinical development of its adenosine antagonists.

The company said these strategic alternatives "may include finding a partner for one or more of its assets, a potential sale of one or more of its assets, a sale of the company, a merger, restructurings," company wind down or other strategic action. If it is unable to complete a transaction, Portage said it "may be required to seek a restructuring or company wind down."

In January, Portage said it would pause further drug development in its PORT-2 iNKT programme and implement a cost-savings plan, including job cuts, to extend its cash runway. In March, Portage sold its equity holding in Intensity Therapeutics, raising $2.8 million to further fund its PORT-6 (adenosine 2A inhibitor) Phase Ia portion of the ADPORT-601 trial. However on Friday, Portage said the board decided to pause further enrolment in the ADPORT-601 trial of PORT-6 and PORT-7 (adenosine 2B inhibitor).

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