Portage Biotech Inc. (NASDAQ: PRTG) shares stumbled Friday, as the Westport, Conn.-based company a clinical-stage immuno-oncology concern advancing novel multi-targeted therapies for use as monotherapy and in combination, today reported that it is expanding its evaluation of strategic alternatives and implementing additional measures to extend its available cash runway.
After a review of the Company’s future funding needs for clinical development of its adenosine antagonist platform as well as the current capital raising market for the Company, the Board of Directors has made the decision to pause further enrollment in the ADPORT-601 clinical trial of PORT-6 (adenosine 2A inhibitor) and PORT-7 (adenosine 2B inhibitor). The Company will explore strategic alternatives, which 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, both in and out of court, company wind down or other strategic action.
There can be no assurance that the evaluation of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. If the Company is unable to complete a transaction, it may be required to seek a restructuring or company wind down.
PRTG shares began Friday cheaper by a penny, or 2%, to 49 cents.
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