PRTG - Portage Biotech acquires Tarus Therapeutics a developer of adenosine receptor antagonists

• Portage Biotech ( NASDAQ: PRTG ) on Wednesday said it would acquire privately-held Tarus Therapeutics in exchange for about 2.4M PRTG shares and the assumption of $3M in liabilities.
• The acquisition of Tarus allows PRTG to acquire two clinical-stage adenosine compounds and two preclinical assets for a ~$21M upfront consideration.
• The deal also calls for additional payments of up to $32M in PRTG shares or cash upon achievement of certain milestones.
• As per the deal, Robert Glassman, a former independent director of Tarus, will join PRTG's board.
• PRTG also said it had entered into a committed share purchase agreement for up to $30M with Chicago-based institutional investor Lincoln Park Capital Fund LLC, the proceeds of which will potentially extend PRTG's cash runway into 2024.
• PRTG stock earlier closed +2.5% at $7.72.

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