Portage Biotech raised $2.15 million through a private placement of shares for working capital and corporate purposes.
Quiver AI Summary
Portage Biotech, Inc. announced the completion of a private placement totaling $2.15 million, involving the sale of 524,390 ordinary shares at $4.10 each, purchased by two company directors. The funds will be used for working capital and general corporate purposes. Portage, which focuses on developing innovative therapeutics in immuno-oncology, aims to enhance the immune system's ability to combat cancer. The release includes cautionary notes regarding forward-looking statements, highlighting potential risks and uncertainties associated with the company's business strategy and future operations.
Potential Positives
- Completion of a private placement of $2.15 million demonstrates strong support from company directors, indicating confidence in the company's future.
- Funds raised are intended for working capital and general corporate purposes, which is crucial for sustaining operations and advancing its pipeline of therapeutics.
- The shares were sold at the Nasdaq official Closing Price, reflecting a stable valuation and strong interest from insiders.
Potential Negatives
- The $2.15 million raised through private placements from directors may indicate a lack of broader investor confidence in the company, raising concerns about its financial stability and ability to attract external funding.
- The use of proceeds for "working capital and other general corporate purposes" might suggest that the company is struggling with cash flow, which could impact its operational capabilities.
- The mention of "uncertainty of the Company’s ability to continue as a going concern" directly highlights significant financial risks that could jeopardize future operations and investments.
FAQ
What is the recent funding announcement by Portage Biotech?
Portage Biotech announced a private placement of $2.15 million from two directors, selling 524,390 shares at $4.10 each.
How will Portage Biotech use the funds from the placement?
The proceeds will be used for working capital and other general corporate purposes for Portage and its subsidiaries.
What type of company is Portage Biotech?
Portage Biotech is a clinical-stage immuno-oncology company focused on developing novel biologics to enhance cancer treatment.
Where can I find more information about Portage Biotech?
More information can be found on their official website at www.portagebiotech.com.
What risks are associated with Portage Biotech's forward-looking statements?
Risks include financing uncertainties and the company's ability to continue as a going concern, among others.
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.
$PRTG Hedge Fund Activity
We have seen 0 institutional investors add shares of $PRTG stock to their portfolio, and 22 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC removed 1,501,780 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $9,986,837
- BISON WEALTH, LLC removed 213,398 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $1,419,096
- RENAISSANCE TECHNOLOGIES LLC removed 75,800 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $504,070
- PEAK6 INVESTMENTS LLC removed 55,263 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $367,498
- JANE STREET GROUP, LLC removed 41,415 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $275,409
- IEQ CAPITAL, LLC removed 16,650 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $110,722
- SANCTUARY ADVISORS, LLC removed 14,886 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $98,991
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
DOVER, Del., Jan. 30, 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 that it has completed a private placement of $2.15 million from two Portage directors. The 524,390 ordinary shares were sold at $4.10 per share, the Nasdaq official Closing Price on January 22, 2025.
Portage intends to use the proceeds from the financing for working capital and other general corporate purposes for Portage and its subsidiaries.
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
.
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. 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
