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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。