24/7 Market News Snapshot 17 December, 2024 – Portage Biotech Inc. Common Stock (NASDAQ:PRTG)

December 17, 2024

DENVER, Colo., 17 December, 2024 (247marketnews.com) – (NASDAQ:PRTG) are discussed in this article.
Portage Biotech Inc. (NASDAQ:PRTG) has experienced a remarkable surge in pre-market trading, with shares climbing to $7.668—an impressive jump of approximately 135.94% from a previous close of $3.250, accompanied by a trading volume of 4.70 million shares. This notable uptick in market activity reflects heightened investor enthusiasm due to recent positive developments within the company, signaling robust interest and potential for further momentum in the biotech sector.

In line with its growth strategy, Portage Biotech has announced a Letter of Intent (LOI) with Immunova, LLC, aiming to negotiate a definitive option agreement for acquiring Immunova’s wholly owned subsidiary, iOx Therapeutics, Ltd. This subsidiary is recognized for its groundbreaking work on innovative liposomal iNKT agonists, particularly the lead candidate, PORT-2, which has demonstrated promising preliminary clinical results.

Alex Pickett, CEO of Portage, highlighted the importance of this collaboration, remarking, “This transaction underscores our commitment to unlocking the value of our assets and delivering returns to our shareholders while ensuring that potentially groundbreaking therapeutics are expedited into clinical development.” Similarly, Brian Horsburgh, PhD, CEO of Immunova, echoed these sentiments, emphasizing the strategic alignment and potential of integrating iOx’s assets into Immunova’s pipeline, stating, “This acquisition marks a pivotal step towards creating a clinical-stage biotechnology company focused on advancing lipid-based drugs and innovative delivery systems that enhance immune responses against diseases.”

The successful execution of this proposed transaction is subject to customary closing conditions and necessary regulatory approvals. Both companies are dedicated to a swift negotiation process and will keep stakeholders informed of any significant developments. As Portage Biotech strengthens its position in the immuno-oncology landscape, the potential for impactful advancements in patient care remains significant.

Related news for (PRTG)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.