Portage Biotech Announces Business Update and Strategy Adjustments

Portage Biotech Inc., a clinical-stage immuno-oncology firm, has announced strategic shifts in its drug development programs due to current capital raising market conditions. The company is focusing on its adenosine clinical candidates, with the ADPORT-201 trial for PORT-6 and PORT-7 showing promising results and no safety concerns. The trial is being conducted across eight academic centers in the U.S. and is expected to present data later in the year. Portage is also exploring potential synergies by combining these adenosine inhibitors with Merck’s KEYTRUDA® (pembrolizumab), an anti-PD-1 therapy.

However, due to financial considerations, the development of the PORT-2 iNKT program has been halted. Despite positive early-stage data, the decision was made to allocate resources more effectively. Portage is now considering various strategic options, which may involve partnering or corporate transactions. The company will not disclose further details unless it deems it necessary.

In response to these changes, Portage has initiated a cost-saving plan that includes workforce reductions, with the remaining team concentrating on the adenosine clinical programs. The company’s CEO, Dr. Ian B. Walters, has expressed gratitude to all those involved in the iNKT program, emphasizing the importance of continued research in this area.

Portage Biotech is dedicated to advancing multi-targeted therapies to improve cancer patients' survival rates and quality of life. The company's lead program involves adenosine antagonists, which are being developed using innovative trial designs to identify the most responsive patient groups. Portage collaborates with academic experts and pharmaceutical partners to expedite product development.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., and is mentioned in relation to a potential combination study with Portage's adenosine inhibitors.

Portage Biotech Inc. is a clinical-stage company that aims to extend the survival and enhance the lives of cancer patients through the advancement of targeted immuno-oncology therapies. The company is leveraging a robust network of academic and pharmaceutical partnerships to efficiently progress its product candidates.