Portage Biotech Announces Results for First Quarter of 2022 Fiscal Year
- Proceeds will accelerate advancement of clinical pipeline toward multiple data readouts over the next 18-24 months
“With the transformation of Portage now complete, our focus for the coming year is to significantly accelerate our clinical pipeline of novel immuno-oncology therapeutics designed to overcome cancer treatment resistance,” said Dr.
First Quarter FY 2022 Financial & Business Highlights
- Increased financial resources with over
$29 millionraised since fiscal year-end:
- Successful public offering of 1,150,000 shares with gross proceeds of
$26.5 million, securing a cash runway sufficient to advance programs and enable achievement of numerous milestones.
- Generation of an additional
$2.6 millionproceeds through the sale of approximately 91,000 shares via the Company’s At-the-Market offering.
- Successful public offering of 1,150,000 shares with gross proceeds of
- Improved stock liquidity:
- Inclusion in the Russell® 2000 Index, bringing added visibility to the Company’s robust immuno-oncology pipeline.
- Broad-based investor outreach planned for Fall 2021 through participation and/or presentation at the following conferences:
H.C. Wainwright23rd Annual Global Investment Conference( Sept. 13-15, 2021) Oppenheimer & Co.Fall Healthcare Life Sciences and MedTech Summit ( Sept. 20-23, 2021) Cantor Fitzgerald Virtual Global Healthcare Conference( Sept. 27-30, 2021)
First Quarter FY 2022 Clinical Highlights
- Acceleration of development programs from the Company’s first-in-class immuno-oncology asset portfolio, including milestones related to lead iNKT agonists PORT-2 and PORT-3 and intratumoral amphiphilic therapy PORT-1. Key milestones included:
- PORT-2: The first patient was dosed in the IMP-MEL randomized Phase 1/2 study of PORT-2, a liposomal formulation of Portage’s IMM60 iNKT agonist. In the trial, PORT-2 will be tested both as a monotherapy and in combination with standard of care (Keytruda) in melanoma and NSCLC. The PORT-2 study has 6 arms and is expected to enroll up to 100 patients.
- The first patient dosed in the PRECIOUS Phase 1 study of PORT-3, a nanoparticle coformulation of Portage’s iNKT agonist (IMM60) and NY-ESO-1 in patients with NY-ESO-1 expressing tumors. The Phase 1 portion of the trial is expected to enroll 15 patients while the randomized Phase 2 portion is expected to enroll an additional 42 patients.
- This platform is designed to demonstrate proof of concept with NY-ESO-1 as an enrichment factor for patient accrual. Portage’s patent position extends to other known tumor antigens, and the Company is prepared to rapidly launch other assets into the clinic if we see strong activity of this formulation.
- Notably, Portage received additional grant support from the Horizon 2020 program to explore next-generation targeted nanoparticles.
- PORT-1: Presentation of interim data at the
American Society for Clinical Oncology(ASCO) conference from the IT-01 Phase 2 trial conducted by Intensity Therapeutics demonstrated strong safety and survival data for INT230-6 (PORT-1) both as a monotherapy and in combination with pembrolizumab or ipilimumab in solid tumors.
First Quarter FY 2022 Financial Results
The Company generated a net loss and comprehensive loss of approximately
The Company’s other items of income and expense were substantially non-cash in nature and were approximately
- A gain of
$0.4 millionrepresenting the change in the fair value of the warrants issued with respect to the SalvaRxsettlement; and
- A small loss of
$0.04 milliongenerated by Stimunity, which operates our STINGplatform, accounted for under the equity method in the Fiscal 2022 Quarter, compared to a $0.4 milliongain in the Fiscal 2021 Quarter.
Additionally, the Company reflected a net income tax benefit of approximately
Research & Development ("R&D") costs increased by approximately
General and administrative ("G&A") expenses increased by approximately
Portage is a clinical-stage immuno-oncology company advancing first-in-class therapies that target known checkpoint resistance pathways to improve long-term treatment response and quality of life in patients with evasive cancers. The Company’s access to next-generation technologies coupled with a deep understanding of biological mechanisms enables the identification of the most promising clinical therapies and product development strategies that accelerate these medicines through the translational pipeline. Portage’s portfolio consists of five diverse platforms, leveraging delivery by intratumorals, nanoparticles, liposomes, aptamers, and virus-like particles. Within these five platforms, Portage has 10 products currently in development with multiple clinical readouts expected over the next 12-24 months. For more information, please visit www.portagebiotech.com, follow us on Twitter at @PortageBiotech, or find us on LinkedIn at
This news release contains statements about the Company’s information that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. 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 the 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, PLEASE CONTACT:
-tables to follow-
Condensed Consolidated Interim Statements of Operations and Comprehensive (Loss)
|Three Months Ended|
|Research and development||$||1,546||$||452|
|General and administrative expenses||2,047||521|
|Loss from operations||(3,593||)||(973||)|
|Change in fair value of warrant liability||369||–|
|Share of (loss) income in associates accounted for using equity method||(44||)||440|
|Loss before provision for income taxes||(3,302||)||(655||)|
|Income tax benefit||79||–|
|Other comprehensive income (loss)|
|Unrealized gain on investments||–||78|
|Total comprehensive (loss) for period||$||(3,223||)||$||(577||)|
|Net (loss) income attributable to:|
|Owners of the Company||$||(3,066||)||$||(696||)|
|Comprehensive (loss) income attributable to:|
|Owners of the Company||$||(3,066||)||$||(618||)|
|(Loss) per share|
|Basic and diluted||$||(0.25||)||$||(0.06||)|
|Weighted average shares outstanding|
|Basic and diluted||12,213||11,104|
Condensed Consolidated Interim Statements of Financial Position
|Cash and cash equivalents||$||28,617||$||2,770|
|Prepaid expenses and other receivables||1,995||2,176|
|Long-term portion of other receivables||22||22|
|Investment in associate||1,691||1,735|
|Investments in private companies||7,409||7,409|
|In-process research and development||117,388||117,388|
|Liabilities and Equity|
|Accounts payable and accrued liabilities||$||1,605||$||1,938|
|Unsecured notes payable||150||150|
|Deferred tax liability||24,171||24,050|
|Stock option reserve||10,059||7,977|
|Accumulated other comprehensive income||958||958|
|Total equity attributable to owners of the Company||127,711||101,449|
|Total liabilities and equity||$||200,482||$||174,860|
|Commitments and Contingent Liabilities|
Source: Portage Biotech, Inc.