(RTTNews) - Shares of Portage Biotech Inc (PRTG) are up nearly 200% at $9.14 in premarket trading, following the announcement of a Letter of Intent with Immunova LLC, a Connecticut-based biotechnology company. The Letter of Intent sets the framework for Portage and Immunova to negotiate a definitive option agreement, which would allow Immunova or its affiliate to acquire the entire share capital of iOx Therapeutics, a wholly owned subsidiary of Portage.
iOx, focused on developing liposomal iNKT agonists, is advancing its lead candidate, PORT-2, which has shown promising preliminary clinical activity.
"We are excited about this partnership with Immunova, which underscores our commitment to unlocking the value of our assets and accelerating the development of potentially innovative therapeutics," said Alex Pickett, CEO of Portage Biotech.
Brian Horsburgh, CEO of Immunova, added, "This potential acquisition of iOx's assets aligns with our mission to advance lipid-based drugs and immune-modulating therapies for cancer and other diseases".
The transaction is subject to negotiation, execution of definitive agreements, regulatory approvals, and customary closing conditions.
Both companies are committed to completing the transaction promptly and will provide further updates as necessary.
We alerted readers to PRTG on Nov.27, 2024, when it was trading around $4.
PRTG closed Monday's (Dec.16.2024) trading at $3.25, up 8.33%. In premarket trading, the stock is up by 199% at $9.57.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
