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.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。