Portage Biotech reports Q4 EPS (6c), consensus (29c)

As of September 30, the company had approximately $15M of cash and cash equivalents, reflecting settlement of the $3M liabilities assumed with the acquisition of the adenosine pipeline. "During the quarter and in recent weeks we have continued to demonstrate progress of our invariant natural killer T cell (iNKT) agonist, PORT-2, as well as our broader portfolio of immuno-oncology assets," said Dr. Ian Waters, Chief Executive Officer and Chairman of Portage Biotech. "Updates on PORT-2 include the data presented from our IMPORT-201 Phase 1/2 clinical trial of PORT-2 (IMM60) at the SITC annual conference, which continue to show PORT-2 has a favorable safety and tolerability profile as a monotherapy at all doses tested to date. We also announced a new clinical collaboration agreement with Merck to evaluate PORT-2 in combination with KEYTRUDA(R) (pembrolizumab), and look forward to exploring how this therapeutic combination may further enhance long-term clinical benefit for a wide range of patients with cancer. We are also preparing to launch our company-sponsored ADPORT-601 adenosine trial for PORT-6 and PORT-7 in the U.S. We look forward to building on this progress and advancing our broader strategy of de-risked clinical development, and are well positioned to deliver on multiple catalysts in the coming months."