Portage prepares for NASDAQ listing

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Portage prepares for NASDAQ listing

Toronto-based Portage BioTech (OTCMKTS: PTGEF) is preparing to commence trading on the NASDAQ tomorrow using the symbol PRTG. The firm focuses on immuno-oncology research and has a broad portfolio of treatments including antibody, small molecule and protein-based approaches. The company said that it was looking to up-list to the NASDAQ from its current listing in Canada to gain better access to specialist biotech investors as more of its pipeline begin posting clinical data readouts.

The company focuses on acquiring technologies while they are in the animal testing phase with the goal of taking these products into the right human studies to generate proof of concept to then be licensed by big Pharma. This year, Portage will be focusing on three assets this year, 2 iNKT agonists, one targeting advanced prostate and ovarian and the other non-small cell lung cancers and melanoma, as well as an intratumoural amphiphilic agent that will be tested on patients with a range of difficult-to-treat tumours.

One of the company’s previous subsidiaries Biohaven (NYSE:BHVN ) was IPOed in 2017 and currently has a market cap of $4.5 billion.

Portage’s CEO Dr Ian Walter also offered: “This Nasdaq listing marks a key milestone in Portage’s journey, providing us with an opportunity to increase our visibility and expand our investor base through one of the top exchanges. At Portage, we offer an approach that efficiently and effectively advances the development of first-in-class immuno-oncology solutions with the potential to generate more durable responses in patients with difficult to treat cancers. We’re focused on building a portfolio of therapeutics that target known checkpoint resistance pathways“.

Chairman Dr Greg Bailey commented: “We are very excited to be listing on NASDAQ. This opens a very exciting new chapter for Portage following the success of our previous venture Biohaven. We believe that Ian Walters and the Portage team have put together a very compelling portfolio of immuno-oncology products. Although COVID has delayed two of our clinical trials that were due to start this past quarter we anticipate them starting once the pandemic is under control. Upon the initiation of these clinical trials, we will then have three oncology compounds in human trials and this will be transformative for Portage.“.

Portage is part of FastForward Innovations (LON:FFWD) portfolio and their CEO Ed McDermott said: “Portage is one of our investments that has shown particular promise over the past year and it is very welcome news to hear that is has received approval to list on NASDAQ, an exchange that is well known for the success of its biotechnology companies. Along with Portage’s pipeline of products which are targeted for clinical testing in 2021, it supports a number of subsidiary companies showing significant promise and we look forward to providing further updates as its portfolio continues on its growth trajectory”.

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