Portage Biotech Shares Double on Letter of Intent to Sell Subsidiary

Dow Jones12-17

By Dean Seal

Shares of Portage Biotech more than doubled after the company said it has entered into a letter of intent to sell one of its subsidiaries to Immunova.

The stock was changing hands at $7.33 in early trading. Shares closed the market at $3.25 on Monday. The volatile stock is still down 80% since the start of the year.

The clinical-stage immuno-oncology company said before the bell that under the terms of the agreement, the privately held Immunova or an affiliate would acquire the entire share capital of Portage's iOx Therapeutics.

The subsidiary is focused on developing cancer-fighting liposomal iNKT agonists and has a lead candidate that has demonstrated promising preliminary clinical activity, Portage said.

The transaction remains subject to negotiation and execution of definitive agreements, as well as regulatory approvals.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 17, 2024 10:22 ET (15:22 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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