Portage Biotech re-launches its subsidiary, Cyncado Therapeutics, focusing on adenosine receptor antagonists for oncology treatments.
Quiver AI Summary
Portage Biotech, Inc. has announced the re-launch of its subsidiary, Cyncado Therapeutics, which will operate independently to focus on developing adenosine receptor antagonists aimed at improving cancer treatment. Peter Molloy has been appointed CEO of Cyncado Therapeutics, where he will lead the initiative to secure financing and advance the clinical development of their innovative therapeutics targeting A2a and A2b receptors. These compounds aim to enhance the immune response against tumors by blocking immune suppression in the tumor microenvironment. Both Molloy and Portage CEO Alex Pickett expressed confidence in the potential of these therapies to transform immuno-oncology and provide significant benefits to patients. Cyncado Therapeutics plans to establish proof-of-concept data to validate its treatment approach.
Potential Positives
- Portage Biotech is enhancing its focus on immuno-oncology by re-launching its subsidiary Cyncado Therapeutics as an independently managed company, allowing for greater specialization and innovation in adenosine receptor antagonists.
- Peter Molloy has been appointed CEO of Cyncado Therapeutics, bringing broad experience in the biotech industry and specific expertise in adenosine receptor biology, which is expected to accelerate clinical progress.
- The dual administration approach of A2a and A2b receptor antagonists has the potential to transform immuno-oncology and improve patient outcomes by providing comprehensive blockade of immune evasion pathways.
- Portage Biotech remains committed to maximizing shareholder value and advancing its innovative pipeline, as emphasized by the positive outlook shared by both Peter Molloy and Alex Pickett.
Potential Negatives
- The re-launch of the subsidiary as an independently managed company may indicate a lack of confidence in the current structure and operations of Portage Biotech, suggesting potential internal issues.
- The need for external financing for Cyncado Therapeutics raises concerns about the company's current financial stability and resource allocation, which could affect its operational effectiveness.
- The press release emphasizes the forward-looking statements, highlighting uncertainties and risks associated with the company's plan, which may cause apprehension among investors and stakeholders regarding the future success of its therapies.
FAQ
What is Cyncado Therapeutics?
Cyncado Therapeutics is a wholly-owned subsidiary of Portage Biotech, focused on developing adenosine receptor antagonists for oncology.
Who is leading Cyncado Therapeutics?
Peter Molloy has been appointed as the Chief Executive Officer of Cyncado Therapeutics.
What are A2a and A2b receptor antagonists?
A2a and A2b receptor antagonists are therapeutics designed to inhibit immune suppression signals in the tumor microenvironment for cancer treatment.
How does Cyncado Therapeutics aim to enhance anti-tumor responses?
The company focuses on dual administration of adenosine receptor antagonists to maximize synergy and improve the immune system's response to tumors.
What is Portage Biotech's commitment following the re-launch?
Portage Biotech is dedicated to unlocking the full potential of its assets and providing value to its shareholders through Cyncado’s development.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
WESTPORT, Conn., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Portage Biotech, Inc. (“Portage” or the “Company”) (NASDAQ: PRTG), a clinical-stage immuno-oncology company with a portfolio of innovative therapeutics, today announced the re-launch of its wholly-owned subsidiary as an independently managed company focused on developing best-in-class adenosine receptor antagonists. Peter Molloy has been appointed Chief Executive Officer of the subsidiary, to be named Cyncado Therapeutics
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, Inc.
As CEO, Mr. Molloy will lead efforts to secure external financing directly into Cyncado and to advance the clinical development of its portfolio of A2a and A2b receptor antagonists. These therapeutics are distinguished by their potency, selectivity, and optimized binding characteristics, designed to enable robust and sustained inhibition of immune suppression signals in the tumor microenvironment. Developed for dual administration to maximize synergy and achieve a more comprehensive blockade of immune evasion pathways, these therapeutics aim to enhance the immune system's ability to mount a robust anti-tumor response. This approach has the potential to transform immuno-oncology and deliver innovative, well tolerated treatment options for patients.
Peter Molloy, CEO of Cyncado Therapeutics, commented: “The adenosine pathway offers immense potential in immuno-oncology, and our A2a and A2b receptor antagonists are among the most promising therapeutics in development today. My confidence in these assets has only strengthened through the work we are conducting in the clinic. I am honored to lead Cyncado Therapeutics at this exciting juncture and am committed to advancing these programs toward proof of concept, with the goal of delivering meaningful benefits to patients.”
Alex Pickett, CEO of Portage Biotech, added: “Portage remains committed to unlocking the full potential of its assets and returning value to its shareholders. We believe that re-launch as an independently managed company is the best way forward for Portage’s adenosine program. Peter Molloy’s broad experience in the biotech industry, deep expertise in adenosine receptor biology, and personal commitment to the assets will help him accelerate clinical progress at Cyncado and maximize the value of its innovative pipeline to Portage shareholders.”
Cyncado Therapeutics is focused on advancing its clinical programs to achieve proof-of-concept data for its therapeutics, further establishing their potential as transformative treatments in oncology.
About Portage Biotech, Inc.
Portage Biotech is a clinical-stage immuno-oncology company advancing a pipeline of novel biologics to transform the immune system’s ability to fight cancer. For more information, visit www.portagebiotech.com.
About Cyncado Therapeutics
Cyncado Therapeutics, a wholly owned subsidiary of Portage Biotech, is advancing best-in-class small molecule adenosine receptor antagonists targeting A2a and A2b receptors for oncology indications. The initial focus is on dual administration of these two antagonists, a strategy that leverages complementary mechanisms to overcome immune suppression in the tumor microenvironment. This innovative approach aims to unlock synergistic effects and achieve a more comprehensive blockade of immune evasion, enhancing the immune system’s ability to combat cancer and improve patient outcomes.
Forward-Looking Statements
All statements in this news release, other than statements of historical facts, including without limitation, statements regarding the Company’s business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words “believe,” “expects,” “anticipates,” “intends,” “estimates,” “will,” “may,” “plans,” “potential,” “continues,” or similar expressions or variations on such expressions are forward-looking statements. For example, statements regarding the potential benefits of Cyncado Therapeutics’ assets, the Company’s plans to secure financing, and anticipated progress in clinical development are forward-looking statements. As a result, forward-looking statements are subject to certain risks and uncertainties, including, but not limited to: the risk that the Company may not secure financing, the uncertainty of the Company’s ability to continue as a going concern, and other factors set forth in “Item 3 - Key Information-Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended March 31, 2024 and “Business Environment – Risk Factors” in the Company’s Management’s Discussion and Analysis for the Three and Six Months ended September 30, 2024 filed as Exhibit 99.2 to the Company’s Form 6-K. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
For More Information:
Portage Biotech
Alexander Pickett, Chief Executive Officer
ir@portagebiotech.com
Cyncado Therapeutics
Peter Molloy, Chief Executive Officer
pmolloy@cyncado.com
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