PRTG - Portage Biotech rises after getting full ownership of its anti-cancer agonist platform
- Portage Biotech ( NASDAQ: PRTG ) stock has added 16.8% to $10.95 in Wednesday morning trading, after the company said it had acquired the remaining ownership interest in its invariant natural killer T cell (iNKT cell) agonist platform.
- iNKT cells play an important role in anti-tumor immune responses. PRTG's synthetic iNKT agonists activate and expand important immune system components and immune attacks against cancer.
- With the acquisition of the about 22% remaining ownership interest, PRTG now fully owns the worldwide rights to its iNKT agonists, including lead programs PORT-2 and PORT-3.
- The acquisition was done through PRTG's unit iOx Therapeutics from the founding equity holders in exchange for 1.07M shares of Portage ( PRTG ).
- Additionally, a payment of $25M in PRTG shares or cash would be triggered upon the achievement of a certain clinical milestone in the PORT-2 or PORT-3 programs.
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Portage Biotech rises after getting full ownership of its anti-cancer agonist platform