Portage Biotech Updates Shareholders On Progress

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Portage Biotech has announced they have taken strides in clinical trials of their therapies in a letter to shareholders.

Portage Biotech (NASDAQ: $PRTG) is a clinical-stage immuno-oncology company focused on the development of therapies targeting cancer treatment resistance.

“Our Mission: To identify and accelerate promising medicines that revolutionize treatment and quality of life for patients with cancer.”

In a recent letter to shareholders, Portage included some major announcements about their product development and business growth.

Propelling their two novel iNKT agonists into the clinic pursuing several indications.

    • Portage announced that they have entered into the clinical trials of two of their therapies: PORT-2 and PORT-3. They have entered into a Phase 1/2 study for PORT-2 by dosing the first patient.  The PORT-2 study has 6 arms and is expected to enroll up to 100 patients.
    • The first patient in a Phase 1 study has been dosed with PORT-3, with the Phase 1 portion of the trial expected to enroll 15 patients, and an additional 42 for Phase 2.

Amphiphilic platform development progress.

    • Portage has advanced developments of PORT-1, Portage’s first asset to enter the clinic and demonstrate proof-of-concept in humans. The therapy has shown direct tumor-killing effects, as well as responses generated in non-injected tumors (abscopal responses) resulting from antigen presentation and immune activation.
    • The study is ongoing, with additional clinical data reads expected over the next 12-18 months.

Expanded investor base and support of their platforms and pipeline.

    • Portage listed on the Nasdaq stock exchange in February 2021 in order to increase visibility and support. This was instrumental in their addition to the Russell 2000 Index, which is widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
    • Despite facing a challenging time to complete financing, Portage was able to raise over $29 million in gross proceeds since Portage’s March 31, 2021, fiscal year-end. The financing, coupled with the addition to the Russell 2000, has also enhanced the liquidity profile of the stock.

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Future Outlook


In the coming year, Portage plans to accelerate the preclinical development of its PORT-4 platform, which may potentially increase the potency and improve the safety of numerous anti-cancer drugs. They will also be looking to accelerate the development of the PORT-5 STING platform, which offers potent immune priming and boosting pathways within a virus-like particle to enable convenient systemic administration and traffic to the correct targets.

In our opinion, the stock is still a steal. Our target is $45 USD – here’s why.

 

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